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Economics

1. When the minimum wage is raised in a competitive market, ceteris paribus:

a. All workers are better off.

b. All workers are worse off.

c. Some workers are better off and some are worse off.

d. Workers are not affected by a minimum wage increase, only by decreases.

2. Kelly will work more hours if her salary increases.

For Kelly, the ___________ effect must outweigh the __________ effect.

a. substitution; income

b. income; substitution

c. income; utility

d. utility; substitution

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91235590

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