Suppose the government abolished the minimum wage law and the law that requires union wage rates to be paid on all government contract jobs. We would expect to see

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Quizplus · Accepted Answer

Abolishing the minimum wage law and the law that requires union wage rates to be paid on all government contract jobs would likely decrease labor costs for firms and increase employment opportunities, leading to a decrease in the natural rate of unemployment. This is because employers would be able to hire more workers at lower wage rates, which can increase their profitability and lead to an increase in output.

Suppose the Government Abolished the Minimum Wage Law and the Law