When are equilibrium prices achieved?

20 points the two basic principles of economics are (choose two) question 2 options: a. the wants of society and individuals are limited. b. the wants of society and individuals are unlimited. c. the resources of society are limited. d. the resources of society are unlimited.

Lots of points: economics: a rise in price sends a signal to producers to supply. a. reduce b. increase c. maintain d. stop

Mike and his wife, amanda, are arguing about his in-laws. mike doesn’t want them to visit because they fight all the time when they come to the house and he is worried about the effect that their fighting is having on mike and amanda’s children. amanda finally yells out: “what about our fighting? ” mike replies, “well, that’s different. we fight because we’re having a disagreement, they fight because they hate each other! ” this is an example of