LABOR MARKET Wage minimum wage D Q of Labor In this labor market, if the City Council passes a minimum wage law as drawn in the graph, what would be the result? O a. A surplus of workers at that wage. O b. A shortage of workers. O c. More demand for workers than supply at that wage. O d. There is not enough information here to even guess. 2,085 FEB 28 stvQuestion 13 A binding price floor causes O a. a shortage of that good O b. a surplus of that good c. it has no impact on quantity, it's just a price level O d. a demand increase A Moving to another question will save this response. FEB 28Question 14 Why does the government tax people if it is so unpopular? O a. This is not a question economists can answer. Ob. To raise funds needed to conduct government business and to reduce inequality. O c. Because it has taxed us from the very beginning of our country and it works. O d. Actually, they should not tax us, because they just waste the money anyway. A Moving to another question will save this response. FEB 28Question 15 Which of the following would shift a supply curve for some good? O a. A decrease in the cost of inputs for that good b. An increase in the demand for that good c. An increase in the price of the good. Od. All of these would shift a supply curve for some good A Moving to another question will save this response. FEB 28 OooMoving to another question will save this response. Question 16 MILK MARKET Prick S M A B D Q milk Here is the milk market. You are a dairy farmer, and the winter weather has been so terrible that half your dairy cows have died! Starting at equilibrium at point A, what happens? a. you move to B. O b. You move to M. c. You move to R. O d. You stay at A. This is economics class, not dairy farming! -> Moving to another question will save this response. 2,085 FEB 28 "tv MUSLIM YOUTH CLUB MYC is made for you s with (646