Price (dollars) 10 8 LO 4 2 0 1 T 1 I T 1 I I...

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Price (dollars) 10 8 LO 4 2 0 1 T 1 I T 1 I I 697 27 100 200 300 Quantity 400 500 D S 600 700 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. Answers: The new equilibrium price and quantity will be P = $8 and Q=300. The new equilibrium price and quantity will be P = $6 and Q = 150. The new equilibrium price and quantity will be P = $7 and Q = 250. The new equilibrium price and quantity will be P = $6 and Q = 400. Price (dollars) 10 8 LO 4 2 0 1 T 1 I T 1 I I 697 27 100 200 300 Quantity 400 500 D S 600 700 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. Answers: The new equilibrium price and quantity will be P = $8 and Q=300. The new equilibrium price and quantity will be P = $6 and Q = 150. The new equilibrium price and quantity will be P = $7 and Q = 250. The new equilibrium price and quantity will be P = $6 and Q = 400.

Answer rating: 100% (QA)

The correct answer is The new equilibrium price and quantity will be P ... View the full answer