Explain the economic process involved with Minimum Wage.

a) What is the economic concept that we learned in class that is associated with the Minimum Wage? (1 Mark) Explain it (3 Marks).

b) Introducing a minimum wage into the economy will "artificially" force what economic concept that is discussed in Chapter 2 to come about? (1 Mark) Explain it and use the labour market as an example in your explanation. (3 Marks)

c) Use your example to provide two economic arguments for or against the implementation of the minimum wage in Toronto, Canada. (4 Marks).

d) If there is an increase of government regulations among firms in the labour market, will the supply curve or demand curve shift? (1 Mark)

e) Would it be an increase or decrease? (1 Mark)

f) What effect could this shift have on the minimum wage situation? (2 Marks)