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Based on your understanding of the aggregate supply and aggregate demand model and the IS-LM model,graphically illustrate and explain what effect an increase in the minimum wage will have on the economy.In your graphs,clearly illustrate the short-run and medium-run equilibria.Also include in your answer an explanation of the effects of this change in the minimum wage on the labor market and the equilibrium real wage.
Equity
In finance, equity represents the ownership interest in a company or property, often measured as the difference between the value of the assets and the liabilities.
Efficiency
The optimal use of resources to achieve the desired outcomes with minimal waste of time, effort, or materials.
Government
A system or group of people governing an organized community, often a state.
Worker's Paradise
An idealized society in which workers are well-compensated, have excellent working conditions, and possess significant rights and benefits.
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