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True or False. Draw a graph (supply and demand diagrams) to support your answer: A good...

True or False. Draw a graph (supply and demand diagrams) to support your answer:
A good time to increase the federal minimum wage is when the economy is going into recession.

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Answer #1

this statement is True

In Recession the country's economic growth is very down. but If the employers Increase their minimum wage then the employees get more rewards so their income increased. if Income become High then they have high purchasing power of money so they want to purchase more Good and services so that will increase the Aggregate demand (AD) which will results in Growth of economy. so it is good time to increase minimum wage during Recession

As we see in graph that Increase in minimum Wages will enable to high consumer spending and that will increase aggregate demand from AD1 to AD2. so price also increase so that will boost the growth of economy

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