Okay, so my last tutor got the questions wrong... please help me get them right.

Question 12pts

The "law of supply" functions in labor markets; that is, a higher ___________ for labor leads to a higher quantity of labor supplied.

Group of answer choices

price

demand

supply

quantity

Flag question: Question 2Question 22pts

If the demand for software engineers ____________ slower than does supply, then wages of software engineers will

Group of answer choices

increases; remain constant

increases, rise

increases; fall

decreases; fall

Flag question: Question 3Question 32pts

Many economists believe that the trend toward greater wage inequality across the U.S. economy was primarily caused by ___________________.

Group of answer choices

the recession

new technologies

the rise of global markets

inflation

Flag question: Question 4Question 42pts

The imposition of a price ceiling on a market often, but not always results in:

Group of answer choices

an increase in investment in the industry.

a surplus

a shortage

a decrease in discrimination on the part of sellers.

Flag question: Question 5Question 52pts

Table 5-1

Refer to Table 5-1. If D2 and S2 represent the demand and supply schedules in a particular market, then the equilibrium price and quantity are ________ and _________, respectively.

Price	D1	D2	S1	S2
$12	5	9	19	14
$10	8	12	17	12
$8	11	15	15	10
$6	13	18	13	8
$4	16	21	11	6
$2	18	24	9	4

Group of answer choices

$12; 12

$10; 12

$8; 15

$6; 18

Flag question: Question 6Question 62pts

The price elasticity of demand measures the:

Group of answer choices

responsiveness of quantity demanded to a change in quantity supplied.

responsiveness of price to a change in quantity demanded.

responsiveness of quantity demanded to a change in price.

responsiveness of quantity demanded to a change in income.

Flag question: Question 7Question 72pts

Billy Bob's Barber Shop knows that a 5 percent increase in the price of their haircuts results in a 15 percent decrease in the number of haircuts purchased. What is the elasticity of demand facing Billy Bob's Barber Shop?

Group of answer choices

0.15

3.0

0.10

0.05

Flag question: Question 8Question 82pts

Figure 5-1

Refer to Figure 5-1. With reference to Graph A, at a price of $10, total revenue equals:

Group of answer choices

$1000

$500

$400

$200

Flag question: Question 9Question 92pts

A 25 percent decrease in the price of breakfast cereal leads to a 20 percent increase in the quantity of cereal demanded. As a result:

Group of answer choices

total revenue will decrease.

total revenue will increase.

total revenue will remain constant.

the elasticity of demand will increase.

Flag question: Question 10Question 102pts

Supply is said to be ____________ when the quantity supplied is very responsive to changes in price.

Group of answer choices

independent

inelastic

inelastic

elastic