10. Thus there is no cost associated with using your own savings to start a business. Bill Gates is one of the richest people in the world, so he does not have to make choices. A legal minimum wage always benets all the suppliers of labor because they receive a wage above the equilibrium wage. A simultaneous increase in supply and demand will cause an increase in the equilibrium price. When some resources are more specialized in the production of only a certain type of output, there are increasing opportunity costs resulting in a bowed out shape of the production possibility curve. The supply curve shows the various quantities of a good that a seller is willing and able to sell at alternative price levels, everything else the same. You work for your parent's business without pay, so your labor is free. Specialization and trade may allow individuals, firms, or even nations to acquire goods and services that lie beyond their production possibilities. The government can always increase efficiency by imposing price controls