If labor is a firm's only variable input, marginal cost ultimately depends on

Based on what you know about the determinants of price elasticiyt, the demands for agricultural products, like, wheat, soybeans, milk, and eggs tend to be

a. price inelastic b. price elastic c. price inelastic only in the long run d. price elastic only in the short run e. price elastic only in the long run

Suppose a price ceiling is set by the government below the market equilibrium price. Which of the following will result?

a. The demand curve will shift to the left. b. The quantity demanded will exceed the quantity supplied. c. The quantity supplied will exceed the quantity demanded. d. There will be a surplus.