Milky Moo and Mega Cow are the only sellers of milk. Milky Moo's supply function is QsMMoo = 12P - 6 at prices above $0.50 and zero at prices below $0.50. Mega Cow's supply function is QsMCow = 9P - 3 at prices above $0.33 and zero at prices below $0.33. At a price of $2.00:
A. the market supply of milk is 33 units.
B. the market supply of milk is 15 units.
C. the market supply of milk is 18 units.
D. the market supply of milk is 42 units.
A. the market supply of milk is 33 units.
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Refer to the scenario above. The time value of the amount deposited is:
A) $300. B) $1,000. C) $1,300. D) $2,300.
The philosopher John Rawls argued that if people could make arrangements about how society would be organized before they were born that one of the principles that we would agree upon is that social and economic inequalities are to be arranged so
that they are to be of the greatest benefit to the least-advantaged members of society. What economic strategy sounds akin to this idea? Explain.
Describe some of the problems in testing the Heckscher-Ohlin theory
What will be an ideal response?
If there is excess demand in a market, then this suggests that:
A. there is no way to help some people without harming others. B. the market is in equilibrium. C. the market price is above the equilibrium price. D. there is an opportunity for mutually beneficial trades.