If the price of milk rose to $6 per gallon, consumers would purchase fewer gallons of milk than if the price were $2 per gallon. If the price of chocolate fell to $1.50 per piece, consumers would purchase more chocolate than if the price were $5 per piece. These relationships illustrate the.

The selling price of houses would be most likely to decrease if there were first a decrease in which of the following? a. new-housing construction. b. mortgage interest rates. c. the unemployment rate. d. construction workers' wages. 2b2t

Acoase solution to a problem of externality ensures that a socially efficient outcome is to

Suppose the production function in an economy is y = k0.5l0.5, where k is the amount of capital and l is the amount of labor. the economy begins with 64 units of capital and 16 units of labor. use a calculator and equations in the chapter to find a numerical answer to each of the following questions. what are the wage and the rental price of capital? the wage is equal to unit(s) of output and the rental price of capital is equal to unit(s) of output.