Suppose that demand and supply are given by the functions o=3o5p OS=10p Suppose the government regulates this market and forces the price to be $5. In this case, there will be an excess v (select demand or supply) of v units of output. Consider a perfectly competitive labor market. Labor demand and supply are L0 = 140 - 4w L5=-10+w Where L is the number of workers and w is the wage. In the perfectly competitive equilibrium, the wage is w*= v and the number of workers with a job is L*= V . Now suppose that the government introduces a minimum wage of $32. In this case, rms would be willing to hire workers. and there would be v workers willing to work at this wage. The graph below describes the demand and supply in a perfectly competitive market. In equilibrium, the consumer surplus is CS= v , the producer surplus is PS= v , and the total surplus is TS= v . Consider the perfectly competitive market for some good Q. Over the past 20 years, both the equilibrium price and the equilibrium quantity of good Q have increased. Which of the following alternatives could have caused this simultaneous increase of the equilibrium price and quantity? Select all explanations that might be plausible. O a. A shift to the left in the supply curve and a shift to the left in the demand curve. O b. A shift to the right in the supply curve and a shift to the left in the demand curve. O c. A shift to the right in the supply curve and a shift to the right in the demand curve O d. A shift to the left in the supply curve and a shift to the right in the demand curve