With an annual production of 100,000 metric tons, steelworld inc., is one of the major producers of steel in its country. when the government of this country recently hiked the minimum wage for labor, the media predicted a considerable decline in national production. as one of the core industries in the economy, steel production was expected to be hit particularly badly. although the supply of steel by steelworld did decline, the fall was much lower than anticipated.
what is true, explain this phenomenon?

The interaction of individual choices because a type of fish is on the verge of extinction, the government imposes rules that prohibit fishing in the publicly owned spawning grounds. at first owners of fshing bouts complain about this restriction on where they can fish, but soon they notice that the number of adult fish swimming outside the protected area is much higher than it was before. with the restriction, each fishing boat ends up catching more fish than it did before the r which of the following principles of economic interaction best describes this scenario? o there is a tradeoff between equality and efficiency o markets usually lead to efficiency. o when markets do not achieve efficiency,government intervention can improve overall welfare o markets allocate goodseffectively