1. As a result of the Great Depression,the U.S.government established many new regulations targeted at helping workers and consumers.One new piece of legislation was the minimum wage law,which sets a floor on the price of labor.
3. Today,we frequently debate what impacts an increase in minimum wage would have.What impacts might a rise in the minimum wage have(if phased in over the next3-4years)on the market for minimum wage labor?Focus on the demand curve for minimum wagelabor,and the supply curve for minimum wagelabor
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7. Question 2: We recently (2008-10) experienced the Great Recession. During this time, some products and services experienced "shifts" in demand. Discuss one specific example of such a shift in demand, and what factors contributed to the shift?
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13. Question 3: Give some examples of goods and services where a consumer's response to a price change might typically be elastic and where it might typically be inelastic. Explain why the response would be elastic or inelastic. (Be sure to reply to another student's post.)
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