When will a minimum wage be an effective price control? when it is a . maximum "price" that is above the equilibrium priceb. maximum "price" that is below equilibrium pricec. minimum "price" that is above equilibrium priced. minimum "price" that is below equilibrium price

c. Minimum "price" that is above equilibrium price

Explanation:

if the minimum wages is below equilibrium then it will be ineffective as there wasn't any agent willing to trade his labor at this rate.

The minimum wages must be placed above equilibrium to be effective. This will force both, laborers who were willing to work for less and employees whose intention were to pay less than minimum to trade at minimum wage.

the investment was $14,174.196

explanation:

a lump sum means that the father of the example made one deposit and leave it be.

we need to know the value of a capital that generated at 4.05% per year during 28 years the sum of $48,613.24

now clearing the formula to solve for capital we got:

and we reach the answer investment = $14,174.20