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If a minimum wage law is passed imposing a price floor above the equilibrium price of unskilled labor and employers increasingly used efficiency wages, it would ___ structural unemployment and ____ the natural rate of unemployment:
Mass Transit
Public transportation systems designed to move large numbers of people efficiently via buses, trains, subways, and other modes of transport.
Price Elasticity
A gauge of the responsiveness of the quantity of a good supplied or sought after to fluctuations in its price.
Equilibrium Point
A state in a market where the supply of goods matches demand, resulting in stable prices and quantities.
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