Explain why the introduction of a minimum price above the equilibrium price reduces social welfare.

The question I need to answer is ‘Explain why the introduction of a minimum price above the equilibrium price reduces social welfare’. However, I need to use Harvard referencing as my school is London based. I also have a link to the textbook that I need to use to get my graphs. The assignment must use proper Harvard referencing and the graphs need to be referenced as well. The teacher is asking for the assignment to be in terms of wages. So that means the graphs would have to be explained using wages as an example. This assignment can not exceed 333 words. It’s basically a simple assignment I just don’t have time to do it.

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