Sue's Surfboards is the sole renter of surfboards on Big Wave Island. Sue's demand and marginal revenue curves are illustrated in the figure above. The change in the total revenue from renting the 15th surfboard is

Which of the following statements is most accurate regarding who benefits and loses from establishment of a minimum wage above the market clearing wage?

A) Individuals who obtain jobs benefit because they earn a higher wage, but some individuals lose because employers will not hire them at the minimum wage. B) All workers benefit equally from the establishment of the minimum wage because just as many workers as before remain employed, and all earn the higher minimum wage. C) All employers benefit equally from the establishment of the minimum wage because they are able to hire fewer workers at a lower wage. D) All employers lose because they must pay the higher minimum wage to the same number of employees as they did before the minimum wage was established.

"Economic rent reflects a waste of resources." Do you agree or disagree? Explain

What will be an ideal response?