answer the questions

19. The diagram shows the market for fresh fish in the Caribbean with equilibrium point X. A new type of fishing boat increases production, which reduces costs. Which point represents the new equilibrium? price quantity 20. Economists compute the price elasticity of demand as the A. percentage change in price divided by the percentage change in quantity demanded. B. change in quantity demanded divided by the change in the price. C. percentage change in quantity demanded divided by the percentage change in price. D. percentage change in quantity demanded divided by the percentage change in income. 21. The price elasticity of demand measures how much A. quantity demanded responds to a change in price. B. quantity demanded responds to a change in income. C. price responds to a change in demand. D. demand responds to a change in supply. 22. The following are four ways factors of production are used. What is likely to require the greatest use of the factor enterprise? A. a carpenter making wooden articles in his leisure time for sale at a monthly market B. a com farmer negotiating with other farmers to hire expensive machinery C. a food shop owner sometimes selling flowers in the shop D. a householder harvesting vegetables grown at home 23. To help reduce the price of oil, new supplies are needed. However, in 2013, objectors opposed attempts to explore new sites because of the environmental damage the exploration might cause. How does this illustrate the basic economic problem? A. Oil is a limited resource. B. Oil is expensive. C. The exploration involves demand and supply. D. There are external costs involved in production. 24. The graph shows the market for unskilled workers in a city. The original equilibrium is at X. What would be the new equilibrium if there was a migration of workers to the city? wage B. S. D. D. quantity