Illustrate what do laws of supply and demand predict

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Reference no: EM1371366

Q. Price Controls and Equilibrium

Issue of price setting and price controls is great political and social as well as economic interest; it's often very hard to separate se dimensions. Consider article below that deals with always hot topic of minimum wage law. This is an area of great political, social and economic interest and it illustrates difficulty in separating se dimensions in real life.

Mythology of Minimum Wage by D. W. MacKenzie (2006). Retrieved August 12, 2009.

1. In economic terms, illustrate what are market consequences of a price floor? Discuss economic implications of implementing a legal minimum wage.

2. Illustrate what do laws of supply and demand predict would be result of an immediate removal of minimum wage in terms of price of labour and quantity available?

3. Do you believe that minimum wage should be raised in order to provide workers with a better standard of living? Why or Why not?

4. Is minimum wage law an effective poverty-fighting measure? Discuss at least one alternative policy.

Reference no: EM1371366

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