Suppose milk and cereal are compliments and the demand for milk is Qdm = 40 - 6Pm - 2Pc, where Qdm stands for millions of gallons of milk demanded, Pm stands for the price of milk and Pc stands for the price of cereal. The supply of milk is Qsm = 6Pm - 8, where Qsm stands for millions of gallons of milk supplied. The demand and supply of cereal are Qdc = 90 - 5Pc - Pm and Qsc = 5Pc - 10, respectively, where Qdc stands for millions of boxes of cereal demanded and Qsc stands for millions of boxes of cereal supplied. What is the general equilibrium quantity of cereal?
A. 20.5 million boxes
B. Zero boxes
C. 38.8 million boxes
D. 46.25 million boxes
C. 38.8 million boxes
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A) $254.54. B) $354.54. C) $330.35. D) $450.25.
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A. by law are 1.5 times the poverty income threshold. B. by law must equal the poverty income threshold. C. are significantly above the poverty income threshold. D. are significantly below the poverty income threshold.
The Federal Reserve kept interest rates low from 2002 through 2016 because they:
A. wanted to follow the Taylor Rule. B. were worried about inflation creeping into the economy. C. wanted to reduce the value of the dollar and help domestic exporters. D. wanted to avoid deflation and the resulting recession.