If the Hatfields produce only corn and trade 1 bushel of corn for 1 yard of cloth, they would spend: hours for 2 bushels of corn hours to have 1 bushel of corn and 1 yard of cloth through trade If the McCoys produce only cloth and trade 1 yard of cloth for 1 bushel of corn, they would spend: hours for 2 yards of cloth hours to have 1 yard of cloth and 1 bushel of corn through trade If the Hatfields and McCoys specialize in the lowest cost production, will they gain any time

it is a i took the test.

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.