Answer to Question 1
The price of steel will rise. As it rises, the quantity of steel supplied will rise and the quantity of steel demanded will fall. Eventually, at the new market equilibrium price, quantity demanded will be equal to quantity supplied. The market will be in equilibrium.
Answer to Question 2
Total utility is the total amount of satisfaction obtained from the consumption of a
good or a service. Marginal utility is the additional satisfaction gained by the
consumption of one more unit of a good or service.
Water potentials decrease (become more negative) as one moves from soil to plant to atmosphere
An enlarged heart showing the results of cardiomyopathy.
Comparison of reactions at equilibrium and steady state
A severe food shortage occurred in the Netherlands during the “Hunger Winter” of 1944–1945.
Results Seen in Mono-Diff Tests
Economic recession in 2008 saw a small decrease in demand