6. Explain (in proper, technical terms) what happens when the price of a given good is below its equilibrium price. How is it the adjustment dynamics afterwards (if the market has no interferences)? 7. Explain (in proper, technical terms) what happens when the government imposes a minimum wage (above equilibrium level). How is it the adjustment dynamics afterwards (if the government does not remove the minimum wage)? 8. The following statement, is it true or false? Explain why?: "When the government imposes a minimum wage above equilibrium the country suffers frictional unemployment, but not structural" . 9. Problem of Elasticities: You are a producer of hand-made pens. Last year you produced and sold 10,000 pens at 10 euro/each. You plan to raise the price of your pens by 30% If your demand for pens is UNIT ELASTIC, you should go ahead with the 30% increase in price or not? Justify why