Minimum wage laws affect the equilibrium in the labor market

Reference no: EM13699029

A. How do Minimum Wage Laws affect the equilibrium in the Labor Market?

B. For your selected product, if the government places a mandated price ABOVE the equilibrium price, how would this affect the market equilibrium?

C. Would you rather have the forces of demand and supply determine the price of gasoline, or would you prefer a government-mandated price ceiling? What problems would a price ceiling on gasoline bring in this market?

D. In conclusion, there are two different schools of thought on how to lower gasoline prices and reduce U.S. dependence on foreign oil. One is to increase SUPPLY of oil (drilling offshore), and the other is to decrease DEMAND (finding alternatives to oil). Can you graph how these two changes will bring about lower gas prices? Which one do you support?

Reference no: EM13699029

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