Author Question: For a nonrenewable natural resource, such as oil, the equilibrium price ________ the market ... (Read 206 times)

cnetterville · **on:** Jun 29, 2018

For a nonrenewable natural resource, such as oil, the equilibrium price ________ the market fundamentals price.

A) is always the same as
B) can be greater than but not less than
C) can be less than but not greater than
D) can be less than, greater than, or equal to

Question 2

In the above figure, income is 8, the price of a soft drink is 1, and the initial price of a milkshake is 2. If the price of a milkshake decreases to 1, the income effect is the movement from point ________ to point ________.

A) a; b
B) b; d
C) b; c
D) a; c