Question: 3. Does minimum wage legislation have other effects? Explain with the help of a diagram. a. Explain: Loss of Employer's surplus and Employee's Surplus b.

3. Does minimum wage legislation have other effects? Explain with the help of a diagram. a. Explain: Loss of Employer's surplus and Employee's Surplus b. Explain: Resource Loss 4. What exactly is a production quota? 5. What are the effects of production quotas? Explain with the help of graph. 6. How are consumers and producers affected by a production quota? Explain with the help of a diagram

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