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Discussion: Answer each section below in separate paragraphs. A. From a purely economic point of view, should the government impose price floors on
Discussion: Answer each section below in separate paragraphs.
A. From a purely economic point of view, should the government impose price floors on wages,
otherwise known as a minimum wage? What are the pros and cons of doing so, and do the
pros outweigh the cons or do the cons outweigh the pros? Explain.
B. Which of the following statements is true, and why? (Note that it is not a combination of both.
Only one statement is true.)
- Supply Creates Demand
- Demand Creates Supply
(Analysis Aid: Be sure you have a good understanding of the economic meaning of demand
and the economic meaning of supply before making your choice.)
C. If you were an employer, would you be more inclined to pay higher wages or lower wages for highly skilled laborers when the quantity supplied of such workers is in surplus? Why? What impact does the skill level of the workers have in this regard?
