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1. Based on the following two equations, 8P = 200 - Q & 3P = Q - 2, which of the following reflects a demand

1. Based on the following two equations, 8P = 200 - Q & 3P = Q - 2, which of the following reflects a demand relationship? *

3P = Q - 2

8P = 200 - Q

Cannot be determined

2. Which of the following reflects a normative analysis (is a normative statement)? *

The ideal minimum wage is $50.00/hour.

A reduction in the supply of oil will result in higher oil prices.

A higher minimum wage will lead to a reduction in jobs that pay minimum wage.

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