1. What is the effect of a binding minimum wage?
2. There is a supply and a demand curve, with three prices,
above at and below equilibrium. If one of those prices is imposed
by the government, what happens/
3. Got a supply and demand curve, which areas make up economic
surplus?
4. What is marginal utility?
5. What is the utility maximization condition?
Please answer all 5 questions, with example or a scenario that
can relate to these questions...