ECON 1900 Lecture Notes - Lecture 8: Equation, G1 Phase
9 Oct 2016
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Gov"t buys everything in between q market and q gov"t to bridge the gap. Farm subsidy: pass a law (voting or court action) Gov"t pays farmers to not produce in order t. This way, prices go up because of the smalle. There will be more people willing to work (supply their labor) for rather than . Firms will look at their employees and determine who is worth the and who is not. Those who are not will be laid off. In this market, you"re a winner if you get to keep your job and make more money. Market losers lost their jobs, so anyone who was working at qe, but now their labor is no longer demanded are losers. People who in qs to qe, were unemployed before the minimum wage was raised and are still unemployed after the minimum wage has been raised. They (qs through qe people) see no change.
