True or False Questions TF1. True or False. An improvement ni technology shifts the supply curve rightward. TF2. True or False. Consumer surplus wil always equal producer surplus when the market is in equilibrium. TF3. True or False. Social welfare is maximized when the market is in equilibrium. TF4. True or False. In equilibrium, consumer surplus wil equal producer surplus.

Multiple Choice Questions MC1. Many people argue against increasing the minimum wage because they believe the result would be increased unemployment. Which of the following best summarizes this argument? A higher minimum wage would a.increase the supply of labor while decreasing the demand for labor b.decrease the supply of labor while increasing the demand for labor c.increase the quantity supplied of labor while decreasing the quantity demanded of d.decrease the quantity supplied of labor while increasing the quantity demanded of labor e.increase the supply of labor while decreasing the quantity demanded of labor SA1. Describe the major characteristics of the market system.

SA2. What are the objectives that are attempted to be achieved by using price control?

SA3. Describe the difference between a market price and a market equilibrium price?

SA4. Describe the major differences between a public good and a private good.