In the labor market, workers would like to receive higher wages and firms would like to pay lower wages. Suppose that workers succeed in having a minimum wage established above the equilibrium wage. What will happen to the number of workers employed when compared to the original equilibrium? Explain Suppose that firms succeed in having a maximum wage establish below the equilibrium wage. What will happen to the number of workers employed compared to the original equilibrium? Explain. What wage maximizes the number of workers employed?Why?     How can a price ceiling make consumers better off? Under what conditions might it make them worse off?   Monopolistic competition combines the strengthen of both perfect competition and monopoly;it is the most ideal market structures of all three? Do you agree?     Explain how diminishing returns and economies of scale affect production costs.Large scale organizational are definitely more efficient than small firms and hence there should be more of them. Do you agree with the statement?

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