Refer to the table below. If demand increased by 100 units at each price level, and the government set a price ceiling of $40, then there will be:
Answer the question based on the following supply and demand schedules in units per week for a product.
A. A shortage
B. A surplus
C. No shortage or surplus
D. Decrease in supply
C. No shortage or surplus
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The above table indicates that variables x and y are
A) positively related. B) inversely related. C) negatively related. D) not related.
Suppose an American worker can make 100 chairs or catch 1000 fish per day. On the other hand, a Chilean worker can produce 40 chairs or catch 400 fish per day. The United States possesses a(n) _______________ advantage in chair production, but not a(n) ______________ advantage in fish production.
A. absolute; comparative B. comparative; absolute C. absolute; absolute D. comparative; comparative