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The figure given below shows the demand and supply of unskilled labor that determines the equilibrium wage rate in the labor market.The minimum wage rate at $5.15 is higher than the equilibrium wage rate at $4.
-Refer to Figure 18-1.Which of the following distances represents the complete unemployment created by the minimum wage legislation?
Long-Term Effects
The lasting consequences of actions, events, or policies, which may become apparent only with time and can be either positive or negative.
Community Service
Voluntary work intended to help people in a particular area, often mandated by courts as part of sentencing.
Emotional Stability
A personality trait characterized by the consistency of one's emotions and a low tendency toward emotional fluctuations.
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