The Bureau of Labor Statistics divides the adult population into two categories: those who are employed and those who are unemployed

If the demand and supply curves for a commodity shift to the right and the shift in demand is greater than the shift in supply, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:

A) a lower price and quantity. B) a higher price and quantity. C) the same price and quantity. D) a higher price and a lower quantity.

Refer to the above figure. A shortage occurs if the government imposes

A) a price floor at $60. B) a price floor at $20. C) a price ceiling at $60. D) a price ceiling at $20.