The symbiotic relationship between mass production and mass consumption was best personified by

The above table gives the demand and supply schedules for cat food. If the price is $1

00 per pound of cat food, will there be a shortage, a surplus, or is this price the equilibrium price? If there is a shortage, how much is the shortage? If there is a surplus, how much is the surplus? If $3.00 is the equilibrium price, what is the equilibrium quantity?

For a person to have a comparative advantage in producing a product, he must be able to produce that product at a higher opportunity cost than his competitors

Indicate whether the statement is true or false