- A bad economy is starting to drag down wages for millions of workers. The average weekly  wage of private-sector workers has fallen 1.4% this year through September. Colorado willbecome the first state to lower its minimum wage since the federal minimum wage law waspassed in 1938, when the state cuts its rate by 4 cents an hour. Explain how the fall in the  average weekly wage and the minimum wage will influence aggregate supply; in short run and long run

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