At equilibrium, if quantity supplied is 16, quantity demanded
A. is less than 16.
B. is 16.
C. is more than 16.
D. cannot be found without more information.
B. is 16.
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The United States typically experiences a large surplus of milk annually. This is caused by
A. a price ceiling in the market. B. not enough demand for milk. C. a price floor in the market. D. overproduction of milk by the cows.
The law of diminishing marginal utility states that total utility will increase at a decreasing rate as additional units of a commodity are acquired.
Answer the following statement true (T) or false (F)
Refer to the table below. Given that an individual's opportunity cost of time is $30 per hour, which of the two apartments should she rent?
Apartment Monthly Commuting Time (Hours) Monthly Rent ($) 1 60 3,600 2 20 4,500
when the inflation rate is high and volatile
What will be an ideal response?