In this discussion you are asked to compare and contrast the minimum wage in the labor market and rent control in the rental apartment market, respectively. This discussion is worth up to 15 extra credit points (3 points for each questions) depending on the depth, accuracy and length of your answers (at least 150 words for all of the 5 questions combined). In your post, for each question, please make sure to first list the question and right below it the corresponding answer. You may address one, a few, or all questions.
The material below is part of the Summarized Lecture Notes for Module 2 related to the concepts of shortage and surplus, and it should provide a good background for the first two questions:
Module 2 Summarized Notes Surplus and Shortage.pptx Download Module 2 Summarized Notes Surplus and Shortage.pptx
Answer the following questions:
- State which case represents a shortage that cannot be eliminated in the market, and which one represents a surplus that cannot be eliminated in the market, and why.
- State under which conditions will minimum wage and rent control create a shortage/surplus that cannot be eliminated, thus presenting a binding constraint in the market.
- State some of the intentions for implementing minimum wage laws and rent controls.
- State at least two economic or social problems that minimum wage and rent control create respectively. You are welcome to use the following source, and find others on your own:
From U.S. News & World Report: https://www.usnews.com/news/articles/best-states/minimum-wage-by-state Links to an external site.
http://www.news4jax.com/news/eureka-gardens-concerns-lead-to-inspection-sweep/35615660 Links to an external site.
- Based on the above, state whether you are pro or against minimum wage laws and rent controls, and explain why by using at least one supportive argument in each case.
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