When the price of apples goes up
A) the quantity of apples demanded will decrease, ceteris paribus.
B) the demand for apples will increase, ceteris paribus.
C) the quantity of apples demanded will increase, ceteris paribus.
D) the demand for apples will decrease, ceteris paribus.
A
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The difference between the minimum price the producer is willing to accept and the price the producer actually receives for a product is referred to as: a. market surplus
b. market shortage. c. consumer surplus. d. producer surplus.
The K-Nine dog food company is considering the purchase of additional canning equipment. They expect that adding the equipment will yield $200,000 at the end of the first year and $250,000 at the end of the second year and then nothing after that. At which of the following prices and interest rates would K-Nine buy the equipment?
a. $415,000 if the interest rate is 5% b. $419,000 if the interest rate is 4% c. K-Nine would buy the equipment in both cases. d. K-Nine would not buy the equipment in either case.