as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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what is the economic purpose of setting minimum wages?
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the economic purpose of setting minimum wages is to help low-income earners purchase goods and services, increase the purchasing power of workers, reduce wage disparities, and incentivize employers to hire more people.
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