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Draw a picture that shows a government policy that is inefficient. Feel free to explain why...

Draw a picture that shows a government policy that is inefficient. Feel free to explain why what is happening and why it is inefficient. Upload the file that you have drawn as a pdf, jpeg, or doc - One choosing to use is Minimum Wage. Picture not needed just explanation!

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Answer - The minimum wage policies are imposed by the government in order to ensure that the employers dont pay less to the workers. These wages are set above the equilibrium wage rates. Hence the government tries to interfere in the free labor market. As a result of this minimum wages , the demand for the workers fall but the supply rises. Employers are not ready to employ more workers because of the increased wages and fear of rising cost of production. This leads to the rise in the rate of unemployment. Thus making the government policy inefficient.

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