Question 24 1 pts 24. This question tests your understanding of price ceilings and floors. Which statement(s) about minimum wage laws are TRUE? Minimum wage laws encourage some unskilled workers to drop out of the labor force. Minimum wage laws encourage some employers to replace unskilled labor by machines. Minimum wage laws set wages for some sorts of unskilled labor above their market-clearing (equilibrium) levels. Minimum wage laws lead to a surplus of some sorts of unskilled labor. Minimum wage laws lead to fewer hours worked than employees would choose at that wage and/or involuntary unemployment. Question 25 1 pts 25. This question tests your understanding of price ceilings and floors. Here are two statements, each of which may be true or false. Which statement(s) are TRUE? A An increase in product quality is likely to occur when the price is fixed above the market- clearing price. B A decrease in product quality is likely to occur when the price is fixed below the market- clearing price. O A O BQuestion 26 1 pts 26. This question tests your understanding of the division of labor and the division of knowledge. Here are two statements. each of which may be true or false. | Adam Smith wrote about the division of labor. II F. A. Hayek wrote about the division of knowledge. 0 Neitherl nor II is true. 0 Only I is true. 0 Both | and II are true. 0 Only II is true. Question 27 1 pts 27. In the U.S. economy today, MANY FEWER production methods are 0 technologically feasible than are economically feasible 0 economically feasible than are technologically feasible