This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What is a minimum wage? What are the effects of a minimum wage set below the equilibrium wage rate? ... (Read 83 times)

dbose

  • Hero Member
  • *****
  • Posts: 597
on: Jun 29, 2018
What is a minimum wage? What are the effects of a minimum wage set below the equilibrium wage rate?
 
  What will be an ideal response?

Question 2

Is a sailboat purchased in Victoria, British Columbia, a private good or a public good?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

zenzy

  • Sr. Member
  • ****
  • Posts: 336
Reply #1 on: Jun 29, 2018
Answer to Question 1

A minimum wage is a regulation that makes it illegal to pay or receive a wage rate lower than a specified level. If a minimum wage is set below the equilibrium wage, the minimum wage has no effect because it does not make the equilibrium wage rate illegal.

Answer to Question 2

The sailboat is a private good. The sailboat has none of the characteristics of a public good. First, people can easily be excluded from using the boat. Basically, the only people allowed on the boat are the people the owner allows on the boat. Second, the owner's use of the boat prevents other people from simultaneously using the boat. That is, the owner's consumption of the boat decreases the quantity available for other consumers.


dbose

  • Member
  • Posts: 597
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

elyse44

  • Member
  • Posts: 319
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

In Eastern Europe and Russia, interferon is administered intranasally in varied doses for the common cold and influenza. It is claimed that this treatment can lower the risk of infection by as much as 60–70%.

Did you know?

Everyone has one nostril that is larger than the other.

Did you know?

An identified risk factor for osteoporosis is the intake of excessive amounts of vitamin A. Dietary intake of approximately double the recommended daily amount of vitamin A, by women, has been shown to reduce bone mineral density and increase the chances for hip fractures compared with women who consumed the recommended daily amount (or less) of vitamin A.

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Steric effects caused by ligand binding to the heme of myoglobin Steric effects caused by ligand binding to the heme of myoglobin
The Moon’s Interior and Its Effects on the Moon’s Surface The Moon’s Interior and Its Effects on the Moon’s Surface
How to convert units of any rate to another (Part 2) How to convert units of any rate to another (Part 2)
Effects of Alcohol on the Body Effects of Alcohol on the Body
Effects of Dehydration on Exercise Performance Effects of Dehydration on Exercise Performance
effects effects
Video: Phases of mitosis

For a complete list of videos, visit our video library