-Let Demand Remain Constant at D; an Increase in Wages

question 85

Multiple Choice

-Let demand remain constant at D; an increase in wages causes firms to be willing and able to sell 150 fewer units at each price than they were before the wage increase.

• A) The new equilibrium price and quantity will be P = $6 and Q = 150.
• B) The new equilibrium price and quantity will be P = $6 and Q = 400.
• C) The new equilibrium price and quantity will be P = $7 and Q = 250.
• D) The new equilibrium price and quantity will be P = $8 and Q = 300.

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Definitions:

Death Rate

The ratio of deaths in an area to the population of that area; usually expressed per 1000 individuals per year.

Carrying Capacity

The maximum population size of a biological species that can be sustained by a specific environment, given the food, habitat, water, and other necessities available in the environment.

Lag Phase

The initial period of slow growth or no growth that occurs in a microbial population when it is first introduced to a new substrate or environment.

Biotic Potential

The maximum reproductive capacity of an organism under optimum environmental conditions.