Voluntary programs are dependable ways to protect the environment

In the life-cycle hypothesis of consumption, two individuals with the same age, tastes, family composition, and income will

A) consume the same amount. B) each consume less the greater is their accumulated wealth. C) each have positive saving ratios. D) consume differing amounts if their wealth differs.

Refer to the table. Suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). If the price were artificially set at $6:

A. the market would clear.
B. a surplus of 40 units would occur.
C. a shortage of 40 units would occur.
D. demand would change from columns (3) and (2) to columns (3) and (1).