An increase in the demand for corn is more than offset by an increase in its supply. As a result the equilibrium price will:
A. Increase and the equilibrium quantity will decrease
B. Increase and the equilibrium quantity will increase
C. Decrease and the equilibrium quantity will decrease
D. Decrease and the equilibrium quantity will increase
D. Decrease and the equilibrium quantity will increase
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At the midpoint of a straight-line demand curve, the price elasticity of demand is:
A. greater than one. B. zero. C. less than one. D. equal to one.
A futures contract is an agreement to buy a commodity at a specific future date, at a price set today.
Answer the following statement true (T) or false (F)
The Industrial Revolution
A) marked the beginning of significant economic growth in the world. B) produced goods exclusively using human or animal power. C) had no impact on standards of living in the world. D) started in France around the year 1750.
Average cost pricing is found
A. when supply equals demand. B. when AC = MR. C. when P = 0. D. where AC = AR.