No Free Lunch: Economics for a Fallen World: Third Edition, Revised

Chapter Six: Applications in Markets 129 DESIRED LEARNING OBJECTIVES At the conclusion of this chapter, the student should be able to... § § Apply supply and demand analysis of minimum wage legislation § § Compare and contrast price ceilings and price floors § § Recognize the benefits of entry-level/unskilled jobs § § Describe how transaction costs explain why market results often differ from theory § § Explain the social benefits of speculation § § Summarize the value added role of “middlemen”