What Is the Modern Explanation for What the Ancient Chinese

question 59

Multiple Choice

What is the modern explanation for what the ancient Chinese called "guest stars"?

• A) They are comets.
• B) They are meteorites.
• C) They are nova or supernova.
• D) They are planets.
• E) None of the above.

Identify the effects of external shocks (such as income changes or technological advancements) on market equilibria.

Determine the outcomes of excess supply or demand in market equilibrium.

Understand the implications of changes in income on demand for normal goods.

Evaluate the impact of supply and demand equations on market equilibrium prices and quantities.