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If the equilibrium wage in the market for unskilled labor is $6.00 per hour and the government sets a minimum wage at $7.50 per hour,which of the following will occur?
Money Supply
The full volume of financial resources in an economy at a particular point.
Wealth-effect
The phenomenon where consumers spend more as the value of their assets, such as property or stocks, increases.
Real Wealth
The value of an individual's or entity's assets and resources, adjusted for inflation, reflecting the actual purchasing power over goods and services.
Aggregate Demand
The total demand for all goods and services within an economy at given price levels and in a given time period.
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