Pumpkins are grown in New Mexico with the aid of fertilizer. Hence, fertilizer is a partial answer to which of the three economic questions?
What will be an ideal response?
Fertilizer is used to help produce the pumpkins, so it is a partial answer to the "How are goods and services produced?" question.
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In common value auctions
a. Every bidder know the value of the object being sold b. Each bidder makes their own estimate of the value of the good c. All bidders know the estimates of the others d. The true value of the item differs across bidders
Refer to Scenario 3.3 below to answer the question(s) that follow.SCENARIO 3.3: -Mustard and mayonnaise are substitutes. -Mustard and relish are complements. -Mustard is a normal good. -During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.Refer to Scenario 3.3. As a result of the recall, you would expect that
A. the price of mustard would increase and both the quantity of mustard supplied and the quantity of mustard demanded would increase. B. the price of mustard would increase, the supply of mustard would increase, and the quantity demanded of mustard would decrease. C. the supply of mustard would decrease, the price of mustard would increase, and the demand for mustard would decrease. D. the supply of mustard would decrease, the price of mustard would increase, and the quantity demanded of mustard would decrease.