1. Workers at a bicycle assembly plant currently make minimum wage. If die minimum wage by $1.00 an hour it is likely that the
a. Demand for bicycle assembly workers will increase.
b. Supply of bicycles will shift to the right.
c. Supply of bicycles will shift to the left.
d. Firm must increase output to maintain profit levels.
2. If the demand for a product increases. we would expect equilibrium price
a. To increase and equilibrium quantity to decrease.
b. To decrease and equilibrium quantity to increase.
c. And equilibrium quantity to both increase.
d. And equilibrium quantity to both decrease.