Many local municipalities have mandated locally higher minimum wage than the federally mandated minimum wage. Such locally higher minimum wage is established around the idea that people should be able to purchase the essentials of life by working a forty hour work week and is called a(n) .

Living wage.

Explanation:

Living wage is the minimum amount an individual needs to earn to be able to afford the basic needs of life, which are: food, clothing and shelter. The minimum wage on the other hand is the lowest legally allowed amount an employee can be paid.

answer; monopolistic competition;

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.