SSE 103- MICROECONOMICS. Please answer all the questions.

1. What causes the demand for labor to shift?

2. Explain why the labor supply curve is upward sloping?

3. Explain the types of unemployment.

4. With regard to the demand and supply of labor, explain the concept of the equilibrium wage.

5. Why are the minimum wage laws needed?

6. How would the demand for gasoline be affected, if there is a drop in its price?

7. What happens when a business's costs are more than its revenue?

8. Explain the difference between the implicit and explicit costs.