25. In a labor market, the supply side represents a. jobs b. workers c. househol

Question

25. In a labor market, the supply side represents a. jobs b. workers c. households d firms e. both b and c The following graph represents the market for widgets. Use it to answer questions 27 through 35. 12 3 5 6 8 11 27. What is the net benefit to society of producing the 11" widget? $11 $12 $8 d. $11 e. $8 b. C. t is the minimum price a producer will accept for the 11th widget? $4 $6 $12 e. b. $11 $7 29 When price is s9, what is the quantity demanded? 6 2 b. Which of the following best describes what happens if price falls from $7 to $4? a. Supply decreases and demand increases b. Quantity supplied and demanded both decrease c. Quantity supplied decreases and quantity demanded increases d. Quantity supplied decreases and demand increases e. Supply decreases and quantity demanded increases 30.

Explanation / Answer

Ans

A both b and c Households provide labour services and are workers for factories

B 4-12=-8

C 12 as shown by supply curve

D 5 as shown by corresponding point on demand curve

E c is right. Quantity demanded or supplied means in response to price variation

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