In a market economy, which of the following would most likely cause a prolonged grain surplus?
a. a decrease in the demand for grain
b. an increase in the supply of grain
c. imposition of a price floor above the equilibrium price of grain
d. imposition of a price ceiling below the equilibrium price of grain
C
Economics
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A student has two options: she can either surf the web, or work part-time. Working part-time pays her $20 per hour. What is the student's opportunity cost of surfing the web for 5 hours?
A) $4 B) $20 C) $50 D) $100
Economics
Use the above figure. The profit-maximizing or loss minimizing output and price will be
A) Q1 and P2. B) Q2 and P3. C) Q3 and P3. D) Q4 and P1.
Economics