Which of the following is included in M2 but is not included in M1?

What is a standard process used to determine fair market value of a property?

A) the comparable sales method B) just compensation C) eminent domain D) the equitable transactions cost method

Ten individuals have $100 and identical preferences for picnics, p, and kayak trips, k, where U(p, k) = k0.5p0.5. The price of picnics is $5 and the price per kayak trip is $ 10. What is the shortage/surplus in the market when the supply of picnics totals 120?

A) There is a surplus of 20. B) There is a shortage of 20. C) The market is in equilibrium. Therefore, there is no surplus/shortage. D) There is not enough information to answer this question.