The graph shows the situation facing Mike's Bikes Inc., a producer of mountain bikes. The demand and costs of other mountain bike producers are similar to those of Mike's Bikes. Is the market for mountain bikes efficient or inefficient in the long run? Explain your answer. Previous question Price and cost (dollars per bike) 400 MO 350- ATC The market for mountain bikes might be efficient in the long run if A. more firms entered the bike market B. the loss that arises because the quantity of mountain bikes produced is less than the efficient quantity is offset by the gain that arises from having a greater degree of product variety OC. firms exit the bike market OD. firms invested in technology that increased the total cost of production 300- 250- 200- 150- 100- 50- MR 0 0 50 100 Quantity (mountain bikes per week) 150 200 250 300 D

Suppose that the equilibrium wage for teachers in Iowa is $15/hour. Also suppose that Iowa raises its minimum wage to $14/hour. Because the equilibrium wage for teachers is (a) the new minimum wage, we would expect the number of teachers employed to (b) at the new minimum wage. (c) There will be of teachers.

Can you finish the rest of the chart

he number of families covered is   million and the premium is   per family per year.