Over time, people in the United States and other high-income countries have, on average, become taller, which is an indication that their nutritional status has improved

There is an increase in incomes. What happens in the market for steak?

A) The equilibrium price falls, and the equilibrium quantity rises. B) The equilibrium price rises, and the equilibrium price falls. C) The equilibrium price and quantity rise. D) The equilibrium price and quantity fall.

Suppose an economy produces milk and honey, and milk is plotted along the horizontal axis of the production possibilities frontier. The MRT is 2.5 at the current point of production, and the price of honey is $5 per unit

What is the current price of milk if the market outcome is efficient? A) $12.50 per unit B) $10 per unit C) $2 per unit D) $1 per unit