Question: QUESTION TWO [25] 2.1 2.2 Using demand and supply analysis, explain the effect on the equilibrium price and quantity of a good or service if

QUESTION TWO [25] 2.1 2.2 Using demand and supply analysis, explain

QUESTION TWO [25] 2.1 2.2 Using demand and supply analysis, explain the effect on the equilibrium price and quantity of a good or service if the number of buyers in the market for this good or service increases. (12) Discuss the type of price control that a government would implement, if it wishes to impose a national minimum wage. Include in your answer the economic effects of such a price control. Motivate your answer with the aid of a diagram. (13)

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