Business, 16.07.2019 17:40 nuggets7717

If an individual pays the minimum payment each month, she will quickly pay off her credit card. a. true b. false

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The answer is b. False. Because for example: say your credit card bill was $800 and your monthly minimum pymnt. is only $25 it would take you 36 mos. to pay off but say you paid $50 a mos. you'd have it paid off in 16 mos. The more you pay the faster it gets paid off.

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answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.

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If an individual pays the minimum payment each month, she will quickly pay off her credit card. a....

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