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Question :-

In a competitive market an increase in the minimum wage will likely have the following effects:
The general (or aggregate) demand for labor will increase; however, the quantity demanded will remain unchanged.
The general (or aggregate) supply of labor will increase; however, the quantity supplied will remain unchanged.
The general (or aggregate) demand for labor will remain unchanged; however, the quantity demanded will decrease.
The general (or aggregate) supply of labor will remain unchanged; however, the quantity supplied will decrease.

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