Suppose there was a city that was experiencing labor market equilibrium with entry level wages that averaged 515 per hour. Suppose now that the city council decided to impose a minimum wage of $25 per hour for all workers. What kind of a price restriction is this called? What do you expect will happen in the market for entry level workers? Please explain. What has happened to per capita real GDP in the US over the past 150 years? What does this say about material living standards? Please cite a couple of examples of how indicators of social progress have improved over this time period