The labor supply curve is fundamentally a representation of the trade-off people face between which of the following?

Assume that an inferior good is produced in a perfectly competitive, increasing-cost industry with external diseconomies. The market is initially in long-run equilibrium. After all long-run adjustments are made, which of the following would occur in this market as a result of an increase in consumers' incomes?

a. The market price would remain unchanged; the market quantity would rise. b. The market price would rise; the market quantity would fall. c. The market price would remain unchanged; the market quantity would fall. d. Both the market price and the market quantity would fall. e. Both the market price and the market quantity would rise.

If the price level increases, the money demand curve will

a. shift leftward b. become steeper c. remain in the same position; however, there will be movement upward along the curve d. shift rightward e. remain in the same position; however, there will be movement downward along the curve