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Recently, policy makers have debated whether an increase in the federal minimum wage, currently at $7.25 an hour, would be good for the economy. Determine how each of the given scenarios affects the Phillips curve.

The options for a and b are:
1. the Phillips curve to shift upward
2. the Phillips curve to shift downward
3. a movement along the Phillips curve upward and to the right
4. a movement along the Phillips curve downward and to the left
5. no change in the Phillips curve

Recently Policy Makers Have Debated Whether An Increase In The Federal Minimum Wage Currently At 725 An Hour Would Be Good For The Economy Determine How Each Of class=

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