Question 1
A shortage of minimum wage cannot be eliminated in the market because it increases social welfare and improves labor market conditions.
A surplus in the rent control in the rental apartment market cannot be eliminated because it increases the values of the property since long term tenants will maintain the status of the properties.
Delegate your assignment to our experts and they will do the rest.
Question 2
The need to create more employment is a condition that can allow the continuous upholding of a shortage of minimum wage. This may primarily target to increase the hiring of employees and maintain equal wages.
The need to maintain and increase the value of properties is a condition that can facilitate the upholding of surplus rent control.
Question 3
Minimum wages promote economic growth
Minimum wages also promotes social equality
Rent controls limit the rate of rent increase
Rent control helps in regulating the rights of the landlord in reducing critical services to tenants.
Rent control also ensures that any issue is about the tenant and landlord are arbitrated.
Question 4
Economic Problems
Minimum wage control lead to cost-push inflation
Minimum wage control results in firms' uncompetitiveness
Rent control may lead to a decrease in income tax
Rent control also leads to high administrative costs
Question 5
I am pro minimum wages. This is because minimum payments provide equal opportunities for all workers in the employment industry. If minimum wages are maintained, every employee will be accorded with the market price payments, which results in balanced wage distribution. This transforms into equality in terms of wealth distribution.
I also support rent control laws. This is because rent control addresses much of the concern from the tenants. It cushions them against additional rent increment, a factor that stabilizes their life.
