Explain the effects of the higher minimum wage on the workers’ surplus and the firms’ surplus. Will the $15 wage bring fairness, dignity, and respect?

Use the following information to work Problems 7 and 8.

Canada’s dairy industry is a rich, closed club If you want to be a dairy farmer, you buy a plot of land and some cows and start to sell your milk. Not in Canada. There, farmers must buy a quota to produce a set amount of milk. The situation is similar in the markets for chicken and eggs.

Source: The Globe and Mail, June 25, 2015