Market equilibrium occurs at that price for which
a. quantity supplied equals quantity demanded
b. cost equals the wages to labor
c. the surplus quantity drives increased demand
d. quantity supplied exceeds quantity demanded
e. quantity supplied is less than quantity demanded
A
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A recent medical study reports new benefits of cycling. Simultaneously, the price of the parts needed to make bikes falls. The demand curve would _________ and the supply curve would__________
a. Shift to the right, shift to the left b. shift to the left, shift to the right c. shift to the left, shift to the left d. shift to the right, shift to the right
When a union raises the wage above the equilibrium level,
a. both the quantity of labor supplied and unemployment rise. b. both the quantity of labor supplied and unemployment fall. c. the quantity of labor supplied rises and unemployment falls. d. the quantity of labor supplied falls and unemployment rises.