Question: 1 why does a price ceiling set above the equilibrium...
1. Why does a price ceiling set above the equilibrium price have no effect on the market?
2. Why is an increase in the minimum wage apt to affect teenagers more than other age groups?
3. Suppose that you are a manager working for Yum in the Taco Bell division. Taco Bell employs many employees at the minimum wage. If the minimum wage is already set above the equilibrium wage rate and then the government raises it still higher, what are the effects in the labor market? How do the changes in the labor market affect Taco Bell?