Mr. Harris and his 16-year-old son were discussing the differences in minimum wage from when he was 16 until now. Mr. Harris said that he only made $4.00 an hour when he was 16. His son makes $7.25 an hour. Which of the following can be attributed to the change in minimum wage?
Cost of living changes
Discretionary income influx
Increased unearned income interest rates
Standard of living changes
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