Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. Which of the following best describes Max's preferences?

The futures price at which you sold 20 futures contracts is $5.00 per bushel. The next day, the futures price drops to $4.80 per bushel. What is the balance in your brokerage account if the initial margin is $2,000 per contract?

A. $20,000 B. -$10,000 C. -$20,000 D. $60,000

The quantity of gasoline demanded will respond more to a change in price over three weeks than over three years

a. True b. False Indicate whether the statement is true or false