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One of the restrictions on producers that hampers the labor market is the minimum wage law. By setting a legal floor on wages, it can lead to higher unemployment among low-skilled workers, as employers may reduce hiring or lay off employees to manage labor costs. This, in turn, can create a mismatch between job seekers and available positions, preventing the labor market from reaching equilibrium. Additionally, it may discourage some businesses from expanding or hiring new workers.

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3d ago

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