Suppose demand decreases and supply increases. Which of the following will happen?
a. Equilibrium price will rise, fall, or stay the same while equilibrium quantity will decrease.
b. Equilibrium price will rise, fall, or stay the same while equilibrium quantity will increase.
c. Equilibrium quantity will rise, fall, or stay the same and equilibrium price will increase.
d. Equilibrium quantity will rise, fall, or stay the same while equilibrium price will decrease.
e. The change in equilibrium price and quantity cannot be determined.
D
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Which of the following is the purpose of a minimum wage?
a. To reduce the wage rates of high-income workers b. To keep a track of the changes in the wage rate in an unskilled labor market c. To deal with the problem of unemployment in the market d. To help increase the profits earned by the producers e. To raise the wage rate for the lowest income workers
The costs of pollution control will
A. Be borne entirely by the taxpayers in the United States. B. Always be borne entirely by the pollution producer. C. Always be passed on completely to the consumer. D. Be distributed between the producer and the consumer.