Answer to the following questions:
Question 1: Suppose that everyone pays the same price for auto insurance. What should happen to the price of insurance if the law changes from a system where there is mandatory auto insurance to one where there is voluntary auto insurance?
Question 2: Why do car insurance companies charge higher auto rates for new customers than for established customers, all else held constant?
Question 3: What is the term given to the relationship between the wage and quantity of labor that a given worker is willing to provide, is it (a) market labor demand (b) individual labor demand (c) individual labor supply (d) market labor supply/and please explain why?