Suppose you were to hear a politician oppose the minimum wage on the grounds that it would hurt employers and employees (who lost their jobs)more than it would help those who earned a higher wage, you would know this person to be relying on the ____ argument.

Question

Quizplus · Accepted Answer

The argument is based on the concept of consumer and producer surplus, where the imposition of a minimum wage could lead to a loss in surplus for employers (producers) and employees (consumers) who might lose their jobs, outweighing the benefits to those who receive higher wages.

Suppose You Were to Hear a Politician Oppose the Minimum