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. Problems and Applications Q7 1. Equilibrium Effect 2. Welfare Effect STEP: 1 of 2 The cost of producing toys has risen as a result

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. Problems and Applications Q7 1. Equilibrium Effect 2. Welfare Effect STEP: 1 of 2 The cost of producing toys has risen as a result of an increase in the minimum wage. Consider some implications of this change. Show the effect of rising production costs on the market for toys. Supply Price of Toys Demand Quantity of Toys TOTAL SCORE: 0/3 Grade Step 1 step and unlock the next step

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