In a recent speech, the governor of your state announced: One of the biggest causes of juvenile delinquency in this state is the high rate of unemployment among 16-to-19-year olds. The low wages offered by employers in the state have given fewer teenagers the incentive to find summer employment. Instead of working all summer, the way we used to, today's teenagers slack off and cause trouble. To address this problem, I propose to raise the state's minimum wage by $1.50 per hour. This will give teens the proper incentive to go out and find meaningful employment when they are not in school. The governor has asked you to evaluate his plan. Discuss market equilibrium wage rates and the impact on markets when governments intervene by establishing price ceilings or floors. Is minimum wage a price ceiling or price floor? How might an increase in the states minimum wage affect supply and demand? Discuss the possible impact on teenage unemployment. Evaluate the governors plan to raise the minimum wage by $1.50 per hour to reduce juvenile delinquency. Will this plan work