Answer questions 15 through 17, based upon the information conveyed in the graph below. This graph illustrates supply and demand for "good x" in 2020. price Demand 2020 Supply 2020 14.25 - quantity 2,875 6,025 15 It appears as if the Law of Demand is_ and the Law of Supply is A. satisfied over all prices; satisfied over all prices. B. violated over some prices; satisfied over all prices. C. satisfied over all prices; violated over some prices. D violated over some prices; violated over some prices. 16. There would be at a price of $16.50. A. excess demand B. excess supply I C. neither excess demand nor excess supply D both excess demand and excess supply 17. "Good x" is a normal good; "good y" is a substitute for "good x"; the production of "good x" uses a significant amount of low skilled labor that is paid a wage equal to the minimum wage. Suppose that the government increases the minimum wage from $7.25 to $10.00 an hour. As a result, in the market for "good x" A. demand will increase, increasing both equilibrium price and equilibrium quantity. B. supply will increase, decreasing both equilibrium price and equilibrium quantity. C. supply will decrease, decreasing equilibrium price and increasing equilibrium quantity. D. supply will decrease, increasing equilibrium price and decreasing equilibrium quantity. MacBook Air