Market Intervention

1. Minimum Wage

2. Surplus of a good

3. Deadweight loss

4. Inefficient allocation

5. Wasted resources

6. Temptation to break the law by selling below the legal price

7. the minimum price buyers are required to pay for a good or service

8. Price Floor

9. With an increase minimum wage, employee have incentive to work. More people are willing to work than there are employers able to hire them. This surplus is unemployment.

10. A increased minimum wage will force employers to pay a higher amount of wages, and because of this, hiring more employees becomes limited. So, both parties somewhat lose.

11. The total amount of jobs are now exceeded by the demand of labor.

12. a lot of people trying for the same minimum-wage jobs, so employers and job-seekers are going to expend a lot of money, time, and resources trying to find and fill job positions

13. Price Ceiling

14. a type of price control imposed by the government. Specifically, price ceiling describes the maximum price sellers are allowed to charge for a good or service

15. Rent Control

16. Inefficiently low quantity

17. inefficiently low quality

18. Wasted resources

19. Black Markets

20. contributes to deadweight loss

21. Shortage of rentable apartments because they're being kept vacant to avoid rent control or demolished and turned into non-rent control homes/condos

22. quality of housing is sub-par because sellers have no incentive to offer high quality

23. producers and consumers tempted to operate illegally in order to bypass these inefficiencies

24. renting market is so wild and difficult in San Francisco that people will expend a lot of money, time, and effort to deal with that

25. Inefficient allocation to consumers

26. People who want housing in San Francisco badly and are willing to pay a high price for it won’t get housing, but people who care relatively little about it and are only willing to pay a low price for it will get it