Discuss succinctly and critically each of the following statements:

A. The institution of a minimum wage necessarily lowers employment.

B. The appealing characteristic of the Pareto criterion is that it is value free.

C. Utility theory is hopelessly unrealistic since most consumers do not even know what a utility function is.

D. The acceptance of "unfair" bets can only be attributed to irrationality. E. A monopolistic industry will increase price by a greater amount in response to a wage increase, ceteris paribus, than a competitive industry.