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Watch the video below: (required up to the 3:20 minute mark)
https://www.khanacademy.org/economics-finance-domain/microeconomics/consumer-producer-surplus/deadweight-loss-tutorial/v/minimum-wage-and-price-floors
Now answer the questions below:
The above video represents a situation when the government sets a legal price when it believes that the market equilibrium does not allocate the good or service efficiently or fairly. What are some effects of a price floor?
Based on the video and your own research, do you believe that minimum wage (or living wage) laws should be implemented?
Is this question part of your Assignment?
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