Is the following quote correct? Here's the law of demand in a nutshell. The lower the price, the higher the quantity demanded, other things constant.
A) Yes, it is totally correct.
B) No. It would be correct if it didn't say other things constant.
C) No, because it confuses demand and quantity demanded.
D) No, because the law of demand does not apply to nutshells.
Question 2
Based on the figure above, international trade leads to
A) a net gain in surplus of 12.5 billion.
B) a net loss of surplus of 12.5 billion.
C) a net gain in surplus of 27.5 billion.
D) a net loss of surplus of 15 billion.
E) no net gain or loss of surplus.
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