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Graphically illustrate (using the WS and PS relations)and explain the effects of a reduction in the minimum wage on the equilibrium real wage,the natural rate of unemployment,the natural level of employment,and the natural level of output.
Expectations
Beliefs or forecasts about what will happen in the future based on past experience or evidence.
Pressure
The pressure is the amount of force exerted at a right angle to the surface of an object, divided by the area across which the force is spread.
General Adaptation Syndrome
A three-phase response model describing the body's physiological changes to stress: alarm, resistance, and exhaustion.
Physiological Responses
Physical reactions of the body to internal or external stimuli, such as changes in heart rate or hormone levels.
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