Suppose the minimum wage decreased. At any given rate of inflation, what would happen to output and employment?
A) Both output and employment would be higher.
B) Both output and employment would be lower.
C) Output would be higher and unemployment would be lower.
D) Unemployment would be higher and output would be lower.
Correct Answer:
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Q64: How does the short-run Phillips curve model
Q65: What would shift the long-run Phillips curve
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