A surplus will tend to occur at which price in Figure 4-21?

What is meant by the "law of one price"? In discussing the law of demand, Hubbard and O'Brien claim there has been no evidence of an exception to the law (that is, no evidence of an upward-sloping demand curve)

Are there exceptions to the law of one price?

If a government-imposed price floor legally sets the price of milk above market equilibrium, which of the following will most likely happen?

a. The quantity of milk demanded will increase. b. The quantity of milk supplied will decrease. c. There will be a surplus of milk. d. There will be a shortage of milk.