The price of steel used to make hammers decreases. At the same time, the price of rubber mallets (a substitute good] has increased. Given these two effects. what will happen to the current equilibrium quantity and price of hammers? O Equilibrium quantity will increase; the effect on price is ambiguous. O Equilibrium price will decrease; the effect on quantity is ambiguous. O Equilibrium price will increase; the effect on quarititi,r is ambiguous. O Equilibrium quantity will decrease; the effect on price is ambiguous. If a household has $50,000 in taxable income and its tax liability is $10,000. the household's average tax rate is O 10 percent. 0 20 percent. 0 40 percent. 0 50 percent To an economist, scarcity means that (5) the human desire for goods exceeds the amount freely available from nature. O there are some things on which it is impossible to put a price, such as human life. 0 many goods are worth an innite amount and, therefore, should be supplied free to everyone. 0 people are generally too poor to afford the goods and services available