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 152 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
:D TYSM

mcabuhat

  • Member
  • Posts: 344
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

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.

Did you know?

There can actually be a 25-hour time difference between certain locations in the world. The International Date Line passes between the islands of Samoa and American Samoa. It is not a straight line, but "zig-zags" around various island chains. Therefore, Samoa and nearby islands have one date, while American Samoa and nearby islands are one day behind. Daylight saving time is used in some islands, but not in others—further shifting the hours out of sync with natural time.

Did you know?

Approximately one in four people diagnosed with diabetes will develop foot problems. Of these, about one-third will require lower extremity amputation.

Did you know?

About 80% of major fungal systemic infections are due to Candida albicans. Another form, Candida peritonitis, occurs most often in postoperative patients. A rare disease, Candida meningitis, may follow leukemia, kidney transplant, other immunosuppressed factors, or when suffering from Candida septicemia.

Contrasting (a) polygenic and (b) pleiotropic effects. Contrasting (a) polygenic and (b) pleiotropic effects.
Effects of Earth’s Changing Orientation: Solar Angle Effects of Earth’s Changing Orientation: Solar Angle
Summary of the Effects of Massage Cont. Summary of the Effects of Massage Cont.
Mechanisms to Explain the Effects of Massage Mechanisms to Explain the Effects of Massage
Enzymatic rate enhancements Enzymatic rate enhancements
If a graph has the following x-intercepts, which value of x is the instantaneous rate of change ... If a graph has the following x-intercepts, which value of x is the instantaneous rate of change ...
Video: Introduction to Breast Cancer

For a complete list of videos, visit our video library