A country is considering a ban on child labor. a. Under what condition would a ban on child labor be effective? You don't need to draw a diagram, just briefly explain the logic of how under this condition, banning child labor could actually cause child labor to decline. b. Now suppose that the condition you identified in part a does not hold. Identify one reason why the ban on child labor could actually cause child

Suppose that in an effort to help low-skill workers the government raises the permissible minimum wage to $15 per hour. Can you think of any unintended secondary effects that will result from this action? Will all low-skill workers be helped by minimum wage law?

explain whether there has been a market failure, what type of failure, and what measures might solve it,  You should consider: the advantages and disadvantages of any solution whether doing nothing might be the best solution the concept of efficiency.  The only large employer in a local area pays its employees a low rate, and working conditions are poor. There is high unemployment in the area

A “black market” is a place where people make illegal trades in goods and services. For instance, during the Soviet era, it was common for American tourists to take a few extra pairs of Levi’s jeans when visiting the Soviet Union: They would sell the extra pairs at high prices on the illegal black market. Consider the following claim: “Price-controlled markets tend to create black markets.” Let’s illustrate with the following figure. If there is a price ceiling in the market for cancer medication of $50 per pill, what is the widest price range within which you can definitely find both a buyer and a seller who would be willing to il­legally exchange a pill for money? (There is only one correct answer.)