Assume that a decline in consumer income shifts the demand curve for milk to the left, reducing the equilibrium price of milk from $2.05/gallon to $1.82/gallon. Further, assume that the equilibrium quantity of milk before the income decline was 2,505.4 gallons, the elasticity of milk supply is 0.555, and the elasticity of milk demand is -1.226. What will be the new quantity supplied of milk

Identify whether the statements are true or false by dragging and dropping the appropriate term into the bin provided. long-run economic growth is unlikely to be sustainable because of finite natural resources. in the modern economy, countries that possess few domestic natural resources essentially have no chance to develop economically. finding alternatives to natural resources will be very important to long-term economic growth. in the modern economy, human and physical capital are generally less important in productivity than natural resources. in the 19th century, countries with the highest per capita gdp were nearly always abundant in minerals and productive farming land.