The equilibrium price, p * , in a market is the price that makes: O The quantity offered is equal to the quantity demanded O The market works best O The consumer surplus will be as large as possible O The profit will be the largest possible

The point at which the supply curve and the demand curve intersect is the market price, or the equilibrium price. O True False

The opportunity cost of a hotdog in terms of hamburgers is O the ratio of the price of a hotdog to the price of a hamburger. O the price of a hot dog minus the price of a hamburger. O the ratio of the slope of the demand curve for hot dogs to the slope of the demand curve for hamburgers. the ratio of the slope of the supply curve for hot dogs to the slope of the supply curve for hamburgers.

Suppose that a storm hits Antalya and wipes out tomato crop. What effect will this have on the Antalya tomato market? O Market prices wil increase, and the quantity will decrease Market prices will stay the same, and quantity will decrease. Market prices will stay the same, and quantity will rise O Market prices will fall, and quantity will rise O Market prices will fall, and the quantity will decrease