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This is what happens after increasing minimum wage- Raising the minimum wage always means higher labor costs. Higher labor costs always mean higher product prices.
This is what happens after increasing minimum wage-
- Raising the minimum wage always means higher labor costs.
- Higher labor costs always mean higher product prices.
- Higher product prices always mean lower product sales.
- Lower sales always mean fewer employees.
- Therefore, a higher minimum wage always reduces employment.
Why is above mentioned logic incorrect?
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