Which of the following will likely occur when price floors in agriculture are implemented?

Suppose the price of a box of cereal rises from $4 to $6. Using the midpoint method, what is the percentage change in price?

A) 50 percent B) 40 percent C) 33 percent D) 67 percent E) None of the above answers is correct.

The paradox of value refers to the fact that

A) different consumers value the same items differently. B) the value of a good depends on its total utility. C) water costs little, while diamonds cost a lot. D) water brings little consumer surplus.