Refer to the diagram below for the milk market. There would be a shortage of milk whenever the price is:
A. Higher than $1.50 per gallon
B. Higher than $2.00 per gallon
C. Lower than $1.50 per gallon
D. Lower than $2.00 per gallon
Answer: C
Economics
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The average fixed cost curve increases as output increases
a. True b. False Indicate whether the statement is true or false
Economics
The midpoint formula is used to measure the elasticity of demand between two points on a demand curve
A) when demand is elastic. B) in special cases when the percentage change in the quantity demanded is equal to the percentage change in price. C) to ensure that the elasticity has a negative value. D) to ensure that we have only one value of the price elasticity of demand between two points on a demand curve.
Economics