Question 1 is the relationship between price and the quantity demanded of a certain good or service; is the relationship between price and the quantity supplied of a certain good or service. A. quantity demanded; quantity supplied B. quantity supplied; quantity demanded C. demand; supply D. supply; demand Question 2 Two goods for which a reduction in the price of one increases the demand for the other is known as [ Select ]- Two goods for which a reduction in the price of one reduces the demand for the other are known as [ Select ]. A good for which demand increases when income increases are called a(n) [ Select ] good. A good for which demand decreases when income increases are called a(n) [ Select ] good Question 31 pts A policy to artificially keep prices high for farmers growing soybeans would be a A. Sale force Price floor C. Price ceiling D. Price lever Question 4 Suppose you own and operate a food truck in Sacramento. The market for french fries at your food truck is given by the following data (all quantities are in ounces per day). Price per ounce $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 Quantity demanded 650 480 360 250 160 80 20A. an excess labor supply of 900 B. an excess labor supply of 3,700 C. an excess labor demand of 400 D. an excess labor demand of 1,500 Question 131 pts Refer to the table below, which describes a labor market. Wage Quantity Labor Demanded Quantity Labor Supplied $15/hr 1,900 1,300 $16/hr 1,800 1,500 $17/hr 1,700 1,700 $18/hr 1,600 1,900$19/hr 1,500 2,100 $20/hr 1,400 2,300 At a wage of $15/hr, the result will be Group of answer choices A. an excess labor demand of 1,700 B. an excess labor demand of 600 C. an excess labor supply of 3,200 D. an excess labor supply of 1,300 Flag question: Question 14 Question 141 ptsRefer to the table below, which describes a labor market. Wage Quantity Labor Demanded Quantity Labor Supplied $15/hr 1,900 1,300 $16/h 1,800 1,500 $17/hr 1,700 1,700 $18/hr 1,600 1,900 $19/hr 1,500 2,100 $20/hr 1,400 2,300 At a wage of $16/hr, the result will beA. an excess labor demand of 400 B. an excess labor supply of 1,500 C. an excess labor demand of 300 D. an excess labor supply of 500 Refer to the table below, which describes a labor market.Wage Quantity Labor Demanded Quantity Labor Supplied $15/hr 1,900 1,300 $16/h 1,800 1.500 $17/hr 1,700 1,700 $18/h 1,600 1,900 $19/hr 1,500 2,100 $20/hr 1,400 2,300 At a wage of $18/hr, the result will beGroup of answer choices A. an excess labor demand of 400 B. an excess labor demand of 1,700 C. an excess labor supply of 1,900 D. an excess labor supply of 300 Question 161 pts Over time, the demand for electric vehicles increases, causing a shift in the demand for labor of mechanics who specialize in electric engines. Ceteris paribus, the labor market result of this shift would most likely be Group of answer choices A. a decrease in salaries and wages and an increase in the equilibrium quantity of workers B. a decrease in salaries and wages and a decrease in the equilibrium quantity of workers C. an increase in salaries and wages and an increase in the equilibrium quantity of workers D an increase in salaries and wages and a decrease in the equilibrium quantity of workers Question 171 pts The number of agricultural companies operating in the corn growing industry increases, causing a shift in the demand for labor. Ceteris paribus, the result of this shift on the com growing industry labor market would most likely beGroup of answer choices A. an increase in salaries and wages and a decrease in the equilibrium quantity of workers B. an increase in salaries and wages and an increase in the equilibrium quantity of workers C. a decrease in salaries and wages and an increase in the equilibrium quantity of workers D. a decrease in salaries and wages and a decrease in the equilibrium quantity of workers Question 181 pts Suppose population growth results in an increase to the size of the workforce. As a result the number of people in the working age population increases, causing a shift in the supply of labor. Ceteris paribus, the result of this shift would most likely be Group of answer choices A. a decrease in salaries and wages and a decrease in the equilibrium quantity of workers B. an increase in salaries and wages and an increase in the equilibrium quantity of workers C. a decrease in salaries and wages and an increase in the equilibrium quantity of workers D. an increase in salaries and wages and a decrease in the equilibrium quantity of workers Question 191 pts The government begins implementing new rules that increase the qualifications needed to work in the biochemical engineering industry, causing a shift in the supply of labor. Ceteris paribus, the result of this shift on the biochemical engineering industry labor market would most likely beGroup of answer choices A. a decrease in salaries and wages and an increase in the equilibrium quantity of workers B. an increase in salaries and wages and a decrease in the equilibrium quantity of workers C. a decrease in salaries and wages and a decrease in the equilibrium quantity of workers D. an increase in salaries and wages and an increase in the equilibrium quantity of workers Question 201 pts After an increase in the number of workers desiring tech jobs and an increase in demand for tech products, the labor market in the tech sector would most likely experience a/an to salaries and wages and alan _ in the equilibrium quantity of workers. Group of answer choices A. ambiguous change; increase B. increase, increase C. decrease; ambiguous change D. increase; ambiguous changeQuantity supplied 100 120 140 160 200 220 What is the equilibrium quantity of fries in ounces per day? Group of answer choices A. 80 B. 250 C. 265 D. 160 Question 51 pts Use the table provided. What are the equilibrium price ($) and equilibrium quantity (units) in this market? Price ($) Quantity Demanded (units) Quantity Supplied (units) 100 35 101 30 N 102 25 103 20 6 104 15 8 105 10 10 106 12Group of answer choices A. $105 and 10 units B. $25 and 102 units C. $106 and 35 units D. $103 and 20 units Question 61 pts Use the table provided. Suppose the quantity demanded decreases by 14 units at every price. What are the new equilibrium price ($) and equilibrium quantity (units) in this market? Price ($) Quantity Demanded (units) Quantity Supplied (units) 100 35 101 30 102 25 103 20 6 104 15 8 105 10 10 106 5 12Group of answer choices A. $104 and 15 units B. $100 and 40 units C. $104 and 25 units D. $103 and 6 units Question 71 pts Use the table provided. Suppose the quantity supplied increases by 28 units at every price. What are the new equilibrium price ($) and equilibrium quantity (units) in this market? Price ($) Quantity Demanded (units) Quantity Supplied (units) 100 35 0 101 30 N 102 25 4 103 20 6 104 15 8 105 10 10 106 5 12 Group of answer choices A. $104 and 45 unitsB. $100 and 35 units C. $106 and 65 units D. $101 and 30 units Question 81 pts Use the table provided. At a price of $104 per unit, there would be an excess for this product. Price ($) Quantity Demanded (units) Quantity Supplied (units) 100 35 0 101 30 N 102 25 4 103 20 6 104 15 8 105 10 10 106 5 12 Group of answer choicesA. supply of 10 units B. demand of 7 units C. supply of 25 units D. demand of 45 units Question 91 pts Use the table provided. At a price of $106 per unit there would be an excess for this product. Price ($) Quantity Demanded (units) Quantity Supplied (units) 100 35 101 30 N 102 25 103 20 6 104 15 8 105 10 10 106 5 12 Group of answer choicesdemand of 30 units B. supply of 7 units C. demand of 5 units D. supply of 10 units Question 101 pts Use the table provided. Suppose the quantity supplied increased by 22 units at each price. At a price of $104 per unit, there would be an excess for this product. Price ($) Quantity Demanded (units) Quantity Supplied (units) 100 35 101 30 AN 102 25 103 20 6 104 15 8 105 10 10 106 5 12 Group of answer choicesA. supply of 15 units B. demand of 15 units C. supply of 45 units D. demand of 5 units Question 111 pts Refer to the table below, which describes a labor market. Wage Quantity Labor Demanded Quantity Labor Supplied $15/hr 1,900 1,300 $16/hr 1,800 1,500 $17/hr 1,700 1,700 $18/hr 1,600 1,900 $19/h 1,500 2.100 $20/hr 1,400 2,300What is the equilibrium wage and labor quantity in this market? Group of answer choices A. $17/hr and 1,700 B. $16/hr and 1,800 C. $18/hr and 1,900 D. $15/hr and 3,200 Question 121 pts Refer to the table below, which describes a labor market. Wage Quantity Labor Demanded Quantity Labor Supplied $15/hr 1,900 1,300 $16/hr 1,800 1,500 $17/hr 1,700 1,700 $18/hr 1,600 1,900 $19/hr 1,500 2,100 $20/hr 1,400 2,300 If a wage floor is set at $20/hr, the result will be