The following equations represent the demand and supply for bird feeders
QD = 35 - P
QS = -5 + 3P
What is the equilibrium price (P) and quantity (Q - in thousands) of bird feeders?
A) P = $5; Q = 30 thousand B) P = $35; Q = 20 thousand
C) P = $20; Q = 20 thousand D) P = $10; Q = 25 thousand
D
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As long as the amount of food stamps an individual receives is less than they would have spent on food without the food stamps, the food stamps act like a straight income transfer
a. True b. False
For which of the following is demand likely to be the most price elastic?
a. a good for which there are no close substitutes b. a good for which there are no easily-obtained substitutes c. a good with close substitutes that are difficult to obtain d. a good that is no longer being produced e. a good for which close substitutes are easily obtained