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 307 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
Thanks for the timely response, appreciate it

nanny

  • Member
  • Posts: 313
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

When blood is exposed to air, it clots. Heparin allows the blood to come in direct contact with air without clotting.

Did you know?

According to the FDA, adverse drug events harmed or killed approximately 1,200,000 people in the United States in the year 2015.

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

Did you know?

The U.S. Preventive Services Task Force recommends that all women age 65 years of age or older should be screened with bone densitometry.

Did you know?

Looking at the sun may not only cause headache and distort your vision temporarily, but it can also cause permanent eye damage. Any exposure to sunlight adds to the cumulative effects of ultraviolet (UV) radiation on your eyes. UV exposure has been linked to eye disorders such as macular degeneration, solar retinitis, and corneal dystrophies.

Factors influencing pulse rate Factors influencing pulse rate
Effects of Therapy for Stuttering A functional MRI scan shows regions of the superior temporal lobe Effects of Therapy for Stuttering A functional MRI scan shows regions of the superior temporal lobe
The inverse-square law and its effects. Doubling your distance away from a radioactive material ... The inverse-square law and its effects. Doubling your distance away from a radioactive material ...
Schematic drawing of a permeation test cell used to measure the permeation rate of chemicals through ... Schematic drawing of a permeation test cell used to measure the permeation rate of chemicals through ...
The Effects of Asthma on the Bronchioles The Effects of Asthma on the Bronchioles
Comparison of Alpha Modified Eagle’s Minimum Essential Medium with Dulbecco’s Modified Eagle’s ... Comparison of Alpha Modified Eagle’s Minimum Essential Medium with Dulbecco’s Modified Eagle’s ...
Video: Introduction to Diabetes

For a complete list of videos, visit our video library