Minimum wages and rent controls are implemented in an attempt to help those of modest means. Explain the costs and benefits of such price controls. Suggest alternatives that you believe would be more appropriate and explain why.
Take a position on whether or not you believe the government should get involved within markets to control prices.
(E-ACTIVITY)Go to the U.S. Department of Labor’s Website, located at www.dol.gov/esa/minwage/america.htm, and review the minimum wage laws in the U.S. Take note of the rate in the state in which you live and compare it to several rates of other states.
•From the e-Activity, evaluate the reasons for differences in minimum wage rates across states. Explain why the rate in your state is different from others