Refer to Figure 3-6. The figure above represents the market for coffee grinders. Assume that the price of coffee grinders is $50. At this price,
A) there is a surplus equal to 90 coffee grinders that will be eliminated when the price falls to $25.
B) the supply exceeds the demand by 90. Some producers will have an incentive to offer to sell coffee grinders at a lower price.
C) there is a surplus equal to 90 coffee grinders and the price of coffee grinders will fall until demand is equal to supply.
D) the quantity supplied exceeds the quantity supplied by 100. The price will eventually fall to $25 where quantity demanded will equal quantity supplied.
A
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Refer to Table 21-2. Using the table above, what is the approximate average annual growth rate from 2013 to 2016?
A) -1% B) 1% C) 2% D) 4%
Ricardo's assumption for economic rents for land was based on
A) the supply of land being a fixed quantity. B) a shortage of land. C) a surplus of land. D) total government control of land.