deadweight loss associated with a minimum wage occurs because the minimum wage i

Question

deadweight loss associated with a minimum wage occurs because the minimum wage increases the quantity of labor demand the arnica wage decreases the quantity of labor supplied employment after the minimum wage is less than employment at equilibrium and so the marginal benefit of sore work exceeds the marginal cost the minimum wage falls below the equilibrium wage which of the following forms of regulation do heavily regulated industries experience? control of the price the firm can charge control of entry into the industry regulation of what production technology to use all of the above answers are correct which of the following does antitrust law prohibit if it substantially lessens competition or creates a aonopoly? territorial confinement becoming a director of a competing firm acquiring a competitor' s shares or assets all of the above answers are correct New York City, which has had a rent ceiling law for more than fifty years, has many abandoned apartment buildings throughout the city. which of the following explains this? landlords have no incentive to finance maintenance and remodeling of apartment building once any building gets so old, it is abandoned few workers with jobs in the city want to live in there because of pollution no building permits for new apartment buildings have been issued for over fifty years. pollution and other environmental external costs: they exist because. are a recent occurrence and are found only in highly developed economies: they are so large that the marginal cost of pollution is essentially zero. have been present in varying amounts throughout history: these resources are shared by everyone so there are no clear property rights to them should be reduced to zero: humans are basically polluters create higher market prices in an unregulated economy: nobody is interested in non - polluted natural resources. If the minimum wage fair? yes. Because all workers benefit because they are paid more yes, Because firms oust pay a wage closer to a living wage no. Because it enhances the prospects of voluntary exchange no. Because workers who lose their jobs are made worse off.

Explanation / Answer

1. C. This is only the case if the minimum wage is above market wage. 2. D. A "heavily" regulated firm would face many regulations. 3. D is correct. This is antitrust law. 4. A. Price controls decrease quality. 5. B is correct. We haven't established if firms have the right to pollute or if people have a right to clean air. 6. D is correct. Here, by "fair" we mean "Pareto Optimal."

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