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2:12 .III "3' E} Take Quiz Exit unaffected, Japanese GNP increases, German net exports decrease, and German GDP and GNP fall. Which of the following statements about the minimum wage are true? 0 A minimum wage is an example of a price oon O A minimum wage set below the equilibrium wage rate will have no effect on the labor market equilibrium. 0 An increase in the minimum wage to $15, could lead to an increase in unemployment. 0 All of the above. Morgan and Doyle have a business. The production function for that business can be dew 231 all "3' E} Take Quiz Exit The graph below shows the market for widgets. 0 2 4 6 8 l0l214l6I3202224-26283032 Quantity The equilibrium price and quantity of widgets is? O P=$20; Q=20. O P=$10; Q=10. O P=$30; Q=30. o P=$10; Q=20. 231 all "3' E} Take Quiz Exit The graph below shows the market for widgets. 0 2 4 6 8 l0l2ldl6l820222426283032 Quantity Suppose the government imposes a price ceiling at $10. Which of the following is a likely consequence of that policy? 0 Nothing happens as the price ceiling is below the equilibrium price. O A shortage of about 15 widgets develops at the new price of $10. 0 A surplus of about 15 widgets develops at the new price of $10. O None of the above