1. ?Ontario’s Liberal gov

1. ?Ontario’s Liberal gov

1. ?Ontario’s Liberal government is raising the minimum wage to $11 an hour?Source: CBC news, January 30th 2014.(a) Describe how this proposed increase in minimum wage would affect the labour market in Ontario? Use Supply- Demand Diagram to illustrate your answer.(b) Clearly identify the winners and losers when government interfere in the free market to set wages for labour?(c) Has the labor market become more efficient or less efficient? Explain2. (a) What will happen to the price of wheat and the amount harvested in Canada if the wheat crop fails disastrously in Russia and Ukraine?(b) Which will increase more, price or quantity offered for sale?(c) How will this action in the wheat market affect the price of soybeans?

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