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.
Use caution if using a steel scraper to remove a gasket from aluminum parts. It is best to use a ...
Position of the fetus in late pregnancy results in stresses on the mother’s body.
Real Price of Oil, 1861–2010
Write equilibrium constant expressions for the following reactions in terms of concentration:
The chromosomal explanation of the results of the X-linked crosses
Results of a genome-wide association study (GWAS) to detect SNPs