1.Ketchup is a coplement for hotdogs. If the price of hotdogs rises, what happens to the market for ketchup?

From the following goods, which has a more elastic demand?

*required textbooks

*mystery novels

*Picasso paintings

*classical music recordings

*water

*Coca-cola

3.Which cause a shortage or surplus of a good?

shortage- (price ceiling or price floor)

surplus- (price ceiling or price floor)

5.Suppose the newly-implemented minimum wage is above the equilibrium wage in the market. What will happen to the supply and demand of labor? (explain)

6.Choose one principle among the 10 principles of economics and discuss the concept based on your own understanding?