In the Above Figure, in Order for the Equilibrium Price

question 398

Multiple Choice

In the above figure, in order for the equilibrium price to remain constant while the equilibrium quantity increases, the

• A) supply and demand curves both would have to shift leftward.
• B) supply curve would have to shift leftward and the demand curve would have to shift rightward.
• C) supply curve would have to shift rightward and the demand curve would have to shift leftward.
• D) supply and demand curves both would have to shift rightward.

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Definitions:

Minimum Wage

The lowest hourly, daily or monthly remuneration that employers are legally allowed to pay to workers.

Occupational Licensing

A regulatory process where individuals must obtain a license or certification from the government or a professional body to legally perform certain types of work or professions.

Inclusive Unionism

A labor movement strategy that emphasizes the inclusion and representation of all workers, disregarding their professional, demographic, or contractual status.

Monopsonistic

Referring to a market condition where there is only one buyer for many sellers, giving the buyer significant control over prices and terms.