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.
The original Magdeburg hemispheres (lower left) used to demonstrate Otto von Guericke's vacuum
Aneurysm. Photograph of the aorta, the large blood vessel arising from the heart, with a large bulge
Results of the serial dilution technique and subsequent culture of bacteria
The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ...
The Hardy–Weinberg equilibrium for two autosomal alleles.
Hardy–Weinberg Equilibrium Genotype Frequencies for Three Alleles of a Gene