Question
Discuss the type of price control that a government would implement, if it wishes to impose a national minimum wage. Include in your answer the
Discuss the type of price control that a government would implement, if it wishes to impose a national minimum wage. Include in your answer the economic effects of such a price control. Motivate your answer with the aid of a diagram.
Understand the two main types of price controls and apply the relevant one to the question. Price controls are related to demand and supply analysis. (MARK SCHEME: 6 marks for diagram; 7 marks for discussion)
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Small Business Management Launching & Growing Entrepreneurial Ventures
Authors: Justin Longenecker, William Petty, Leslie Palich, Frank Hoy
17th edition
9781285972565, 1133947751, 1285972562, 978-1133947752
