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Consider a labor market where the demand for labor is downward-sloping but the supply of labor is perfectly inelastic.Which of the following will hold true in this market when a minimum wage is imposed by the government?
State Governments
The governing bodies of individual states within a federal system, responsible for local laws, policies, and administration.
Fourteenth Amendment
An amendment to the U.S. Constitution, ratified in 1868, granting citizenship to all persons born or naturalized in the United States and guaranteeing all citizens equal protection of the laws.
Carpetbagger
A derogatory term originally used to describe Northerners who moved to the South after the American Civil War to profit from the Reconstruction.
Maine
The northeasternmost state in the United States, known for its scenic coastlines, lighthouses, and as a major producer of lobsters.
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