Question 33 1 pts Some economists are critical about the minimum wage laws. With

Question

Question 33 1 pts Some economists are critical about the minimum wage laws. With what economic rationale can those economists argue? O Minimum wage always does more harm than good to workers. O Minimum wage drives costs up for the consumer O Minimum wage causes deadweight loss in the market for labor, meaning the market is inefficient O Minimum wage is overreach of the government Question 34 1 pts The price of fresh fish rose and the quantity sold fell. Which of the following events is consistent with this observation (everything else equal)? O Fishermen have learned to catch fish more efficiently Consumers developed a taste for fish The price of meat rose Fresh fish catches have been down in recent months O

Explanation / Answer

33) Minimum wage is inefficient because this laws causes the quantity of labor demanded less than the quantity supplied which causes unemployment. Hence there is a deadweight loss. Select 3rd option.

34) When price rises and quantity sold falls this implies there is a rightward shift of the supply curve. This happens when the catch has reduced in recent months and so supply will shift left. Select last option

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.