In this thread you are asked to compare and contrast minimum wage and rent control in the labor market and rental apartment market respectively. This thread is worth up to 30 extra credit points, 6 points for each of the five questions below.
First, state which case represents a shortage that cannot be eliminated in the market, and which one represents a surplus that cannot be eliminated in the market, and why.
Second, state under which conditions will minimum wage and rent control create a shortage/surplus that cannot be eliminated, thus presenting a binding constraint in the market.
Third, state some of the intentions for implementing minimum wage laws and rent controls.
Fourth, state at least two economic or social problems that minimum wage and rent control create respectively. You are welcome to use the following sources, or find others on your own:
Fifth, based on the above, state whether you are pro or against minimum wage laws and rent controls, and explain why by using at least one supportive argument in each case.
You must participate in this extra credit opportunity no later than TBA by midnight in order to earn the extra credit points.