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19-03-2024
Business

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Suppose the minimum wage is $16 per hour, and 5,000 units of labor are being hired. Then the government raises the minimum wage to $17 per hour, and 4,000 units of labor are now being hired. The equilibrium quantity of labor demanded
A. Decreased by 1,000 units.
B. Increased by 1,000 units.
C. Decreased by 5,000 units.
D. Increased by 5,000 units.

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