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Unformatted text preview: that the minimum wage has caused increased teen unemployment during the current economic slowdown. Their reasoning was that the minimum wage is too _____________ and causes excess _______________ of teen workers. a. high, supply b. high, demand c. low, supply d. low, demand e. none of the above Background for 20, 21 and 22. Burritos have The market for freshly cooked burritos become a staple of student dining in Chapel Hill 5.25 over the past decade. The chart to the right 5 indicates the supply and demand of burritos 4.75 Supply Demand 4.5 during a typical week. Answer the following 4.25 questions through reference to this graph. 4 3.75 20. The equilibrium price and quantity in the 3.5 Chapel Hill market is: 3.25 3 a. (quantity 2, price 1200) 2.75 2.5 b. (quantity 1200, price 2) 2.25 c. (quantity 400, price 4) 2 d. (quantity 4, price 400) 1.75 e. none of the above 0 100 200 300 400 500 600 700 800 900 1000 1100 1200 Quantity of burritos sold each week 21. The consumer surplus and total surplus associated with equilibrium in the market for freshly cooked burritos are a. (200, 600) b. (400, 800) c. (600, 1000) d. (800, 600) e. none of the above 22. If the price of a burrito were $3, the quantity supplied wou...
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This note was uploaded on 02/06/2014 for the course ECONOMICS 101 taught by Professor Byrns during the Spring '09 term at UNC.

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