Question
I'm struggling with the questions below: If the supply curve of a product changes so that sellers are now willing to sell 2 additional units
I'm struggling with the questions below:
If the supply curve of a product changes so that sellers are now willing to sell 2 additional units at any given price, the supply curve will
Question 12 options:
A. shift leftward by 2 units.
B. shift rightward by 2 units.
C. shift vertically up by 2 units.
D. shift vertically down by 2 units.
If Qs = -20 + 10p, and Qd = 400 - 20p, what is the equilibrium price?
Question 16 options:
A. 14
B. 42
C. 12.67
D. 38
In the labor market, if the government imposes a minimum wage that is above the
equilibrium wage, then
Question 20 options:
A. workers who wish to work at the minimum wage will have a difficult time finding jobs.
B. firms will hire fewer workers than without the minimum wage law.
C. some workers may lose their jobs as a result.
D. All of the above
Which of the following is NOT a characteristic of perfectly competitive markets?
Question 24 options:
A. The government restricts the number of producers through licensing requirements.
B. All market participants are price-takers.
C. It is easy to find a trading partner.
D. All products are identical.
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