question: The new Congress in Barbary Coast plans to increase the minimum wage from $7.25 to $8.00 as one of its first acts. Assume that the current market equilibrium wage rate in the urban parts of the country is $9.25 and the rural regions is $6.50. If the new minimum wage law passes, discuss the consequences of that increase in the legal minimum wage for both urban and rural parts of the country.

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