Final answer:
If Congress passes the living wage law, raising wages, the most likely result would be cost-push inflation.
Step-by-step explanation:
If Congress passes the living wage law, raising wages, the most likely result would be cost-push inflation. This type of inflation occurs when the cost of production, including labor costs, increases, leading to higher prices for goods and services. When wages go up, businesses may pass on the additional costs to consumers by raising prices. For example, if the minimum wage is suddenly increased, businesses may increase the prices of their products or services to cover the higher labor costs.
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