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 153 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

abro1885

  • Member
  • Posts: 337
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

The average person is easily confused by the terms pharmaceutics and pharmacology, thinking they are one and the same. Whereas pharmaceutics is the science of preparing and dispensing drugs (otherwise known as the science of pharmacy), pharmacology is the study of medications.

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

Did you know?

The tallest man ever known was Robert Wadlow, an American, who reached the height of 8 feet 11 inches. He died at age 26 years from an infection caused by the immense weight of his body (491 pounds) and the stress on his leg bones and muscles.

Did you know?

In 2010, opiate painkllers, such as morphine, OxyContin®, and Vicodin®, were tied to almost 60% of drug overdose deaths.

Did you know?

Multiple experimental evidences have confirmed that at the molecular level, cancer is caused by lesions in cellular DNA.

Testing the effects of long-term fertilizing on inter-actions between mycorrhizal fungi and plants o Testing the effects of long-term fertilizing on inter-actions between mycorrhizal fungi and plants o
Stereoisomers have different effects in humans Stereoisomers have different effects in humans
Antidepressant Effects of Sleep Deprivation Antidepressant Effects of Sleep Deprivation
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 ...
Analogy showing the effects of substitution, deletion, and insertion of one letter in a sentence Analogy showing the effects of substitution, deletion, and insertion of one letter in a sentence
Bodily effects of stress Bodily effects of stress
Video: baroreceptors

For a complete list of videos, visit our video library