Refer to Figure 18.3. After trade and specialization begin, the maximum amount of scooters that Livonia can consume is

A minimum wage might increase employment by a monopsony if it makes the supply of labor curve to that firm

A) steeper, that is, makes supply more elastic. B) steeper, that is, makes supply less elastic. C) flatter, that is, makes supply more elastic. D) flatter, that is, makes supply less elastic.

Let D= demand, S = supply, P = equilibrium price, and Q= equilibrium quantity

What happens in the market for walnuts if the Centers for Disease Control and Prevention announces that consuming a half cup of walnuts each week helps to lower levels of bad cholesterol? A) S increases, D no change, P decreases, Q increases. B) D increases, S no change, P and Q increase. C) D no change, S increases, P decreases, Q decreases. D) D and S increase, P and Q decrease.