QUESTION 1 The town of Fairness has a law that says that wages should be high enough to ensure that all people can afford to buy enough food to feed their families. The law that sets food prices low enough to meet these requirements would be an example of a a. minimum wage law. b. price ceiling. c. fair wage law. d. ration price. e. black market price.
QUESTION 1 The town of Fairness has a law that says that wages should be high enough to ensure that all people can afford to buy enough food to feed their families. The law that sets food prices low enough to meet these requirements would be an example of a a. minimum wage law. b. price ceiling. c. fair wage law. d. ration price. e. black market price.
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 8PA
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![QUESTION 1
The town of Fairness has a law that says that wages should be high enough to ensure that all people can afford to buy
enough food to feed their families. The law that sets food prices low enough to meet these requirements would be an
example of a
a. minimum wage law.
b. price ceiling.
c. fair wage law.
d. ration price.
e. black market price.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd262dd77-844e-4717-a707-518d0f1bb601%2Fa27296be-79af-462d-ab50-d430b9ef5113%2Fs6nmk9.png&w=3840&q=75)
Transcribed Image Text:QUESTION 1
The town of Fairness has a law that says that wages should be high enough to ensure that all people can afford to buy
enough food to feed their families. The law that sets food prices low enough to meet these requirements would be an
example of a
a. minimum wage law.
b. price ceiling.
c. fair wage law.
d. ration price.
e. black market price.
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