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Answer to Question #87094 in Economics for Thami

Question #87094
In the labour market for carpenters, the current market clearing wage rate is R800 per day. With the aid of a diagram, discuss the welfare effects of government intervention in the form of legislation that sets the minimum wage rate for a carpenter at R1000 per day
1
Expert's answer
2019-03-28T04:51:34-0400

If the minimum wage rate for a carpenter at R1000 per day is set, then there will be a surplus of labor, so the market will become inefficient and the deadweight loss will be created.


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