I have difficulty with the following exercise and when to use the appropriate formulas about Elasticity... Thank you for your help!

29. Sellers are willing to offer more for sale at a higher price because:

Select one:

a.people will tend to buy more at higher prices

b.higher prices serve as an incentive for producers to offer greater quantities

c.the law of supply forces such actions

d.there is an inverse relationship between price and profits

30. A binding minimum wage:

Select one:

a. raises the quantity of labour supplied.

b. reduces the quantity of labour demanded. c. causes surpluses of labour.

d. causes unemployment.

e. all of the above.

34. Refer to the above graph. At a price of $4, there is:

Select one:

a.a shortage of 20

b.a surplus of 10

c.a shortage of 40

d.a surplus of 20