Refer to the above diagram for the milk market. In this market, the equilibrium price is ________ and equilibrium quantity is ________.
$1.50 per gallon; 28 million gallons
$1.50 per gallon; 30 million gallons
$1.00 per gallon; 35 million gallons
$28 per gallon; 150 million gallons
$1.50 per gallon; 28 million gallons
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What is the effect on the price and quantity of a product if both the demand and supply simultaneously increase?
What will be an ideal response?
The part of the balance of payments that records purchases of assets a country has made abroad and foreign purchases of assets in the country is the
A) capital account. B) current account. C) financial account. D) statistical discrepancy account.
Define rent seeking. Is rent-seeking activity likely to be highly profitable in the long run? Why or why not?
What will be an ideal response?
Portfolio investment and foreign direct investment are methods through which
A) ownership in assets are acquired in countries other than one's home country. B) U.S. residents invest funds in companies that export goods. C) U.S. residents invest funds in companies that import goods. D) short-term investments are converted to long-term ones.