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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
