To find an economy's long-run equilibrium price level, locate the point where ________ and ________ cross and look to the left

Refer to the above figure. If the government imposes a price floor of $20

A) the quantity traded will be 150, and the price will be $20. B) the quantity traded will be 100, and the price will be $20. C) the quantity traded will be 200, and the price will be $20. D) none of the above.

The law of increasing costs indicates that the opportunity cost of producing a good:

a. is proportional to the production of the good. b. is constant to the production of the good. c. increases as more of the good is produced. d. decreases as more of the good is produced. e. increases as less of the good is produced.