Refer to the table above. If the income of the consumer is $24, the optimal choice contains:
A) 1 quart of juice and 1 quart of milk.
B) 3 quarts of juice and 4 quarts of milk.
C) 4 quarts of juice and 4 quarts of milk.
D) 4 quarts of juice and 5 quarts of milk.
C
Economics
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When there is a shortage of a product in a market the:
a. price will fall. b. price must be below the equilibrium price. c. price must be above the equilibrium price. d. producers will reduce output and sales will fall.
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