A government unexpectedly imposes a new, binding minimum wage well above the current market rate for unskilled labor. Which statement best analyzes the distinction between the likely short-run and long-run effects on the market for this labor?
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A government unexpectedly imposes a new, binding minimum wage well above the current market rate for unskilled labor. Which statement best analyzes the distinction between the likely short-run and long-run effects on the market for this labor?
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