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Consider a straight line inverse demand curve for commodity X: P = 100 Q. Which of the following statements is not correct? Select one: 0 a. The good is an ordinary good. C) b. Along this demand curve. starting at P = D, as the price increases (and the quantity decreases), the total revenue rst increases and then decreases. (Q C. Along this demand curve. as the price increases [and the quantity decreases], the absolute value of the demand elasticity increases. 0 d. The absolute value of the demand elasticity cannot be zero. Clear my choice Which of the following statements is not correct about perfect competition? Select one: C) a. In the short runr a rm may continue to produce positive output even when its prot is negative. 0 b. The industry supply is the sum of all individual rms' supply. @ c. In the short run, all rms with positive output must have the same prot level. C) d. All rms with positive output must have the same marginal costs for the last unit of output produced. Clear my choice Consider a binding minimum wage in the market for low-skilled workers. This market has conventional upward sloping supply curve and downward sloping demand curve for lowskilled workers. Now, consider an increase of this minimum wage. Which of the following statements is not correct? Select one: (i) a. Following the increase of the minimum wage, the total wage payment to the lowskilled workers must increase. 0 b. Following the increase of the minimum wage, employment decreases. Furthermore, the magnitude of this decrease only depends on the elasticity of the demand curve, not on the elasticity of the supply curve. 0 c. The increase of the minimum wage reduces the total surplus. Q d. Following the increase of the minimum wage, unemployment increases. Clear my choice