According to this Application, over time, as economies adapt to higher temperatures
A) approximately half the decline in per capita income disappears.
B) per capita income does not seem to change.
C) real income begins to increase and per capita income begins to decrease.
D) approximately half the increase in per capita income disappears.
Question 2
Suppose that a market for a product is in equilibrium at a price of 3 per unit. At any price below 3 per unit
A) there will be an excess demand for the product.
B) the quantity demanded of the product will be less than the quantity supplied of that product.
C) there will be a surplus of that product.
D) there will be an excess supply of the product.
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Advanced functions application
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