The figure above shows the U.S. demand and U.S. supply curves for cherries. At a world price of $2 per pound, the production of cherries in the United States will equal

What are pecuniary externalities? Explain with the help of an example

What will be an ideal response?

If the quantity demanded for a product exceeds the quantity supplied, the market price will rise until

A) the quantity demanded equals the quantity supplied. The product will then no longer be scarce. B) quantity demanded equals quantity supplied. The market price will then equal the equilibrium price. C) only wealthy consumers will be able to afford the product. D) quantity demanded equals quantity supplied. The equilibrium price will then be greater than the market price.