Demand Intro Video

Do you think their should be a minimum wage?

• Yes

• No

• I don't know

Answer explanation

Please select all the answers this question got messed up

What fundamental economic concept helps economists understand the cost of goods and services when there is a finite supply of desired items?

• Scarcity

• Opportunity Cost

• Supply and Demand

• Marginal Utility

In a market where a product is mass-produced but initially has little consumer interest, what typically happens to its price?

• The price remains constant.

• The price increases due to production costs.

• The price decreases to attract buyers.

• The price is set by government regulation.

When a product becomes highly popular and demand increases significantly, what is the typical market response regarding its price?

• The price remains low to maintain accessibility.

• The price escalates due to increased demand.

• The price fluctuates unpredictably.

• The price is fixed by the manufacturer.

What is a likely outcome if government bureaucrats set apartment rental prices too low, making them unprofitable for landlords?

• Landlords will invest more in property maintenance.

• An increase in the supply of new apartments.

• A housing shortage and potential decline in housing quality.

• A decrease in demand for rental properties.

What is a significant hurdle for individuals seeking entry-level positions in the workforce?

• Lack of advanced degrees

• Insufficient work experience

• Overqualification for available roles

• High competition from skilled workers

What is a potential negative outcome for low-skilled workers if the minimum wage is significantly increased beyond the value they generate for a company?

• Companies might increase their profits.

• Companies might automate their jobs or choose not to hire them.

• Consumer prices would decrease due to higher wages.

• More entry-level job opportunities would become available.

Why might large corporations support an increase in the minimum wage?

• To reduce their overall labor costs.

• To eliminate competition from smaller businesses.

• To improve the general economic welfare of all workers.

• To increase the demand for their products among low-income consumers.

What was an unintended consequence of some minimum wage laws enacted in the 1920s and 1930s?

• They led to a significant increase in overall employment.

• They ensured equal pay for all workers regardless of race.

• They made it harder for non-white workers to find employment.

• They primarily benefited highly skilled laborers.

Do you think Supply and demand is needed to be controlled by the government?

• Yes Businesses be wild'n

• No, Its a product of everyday people trying to get what they need

Answer explanation