Sam went to Stable National Bank, borrowed $1,000, and granted a security interest in his sailboat to the bank. This security interest attached on March 1 and was perfected when the bank filed a financing statement on May 15. On April 12, Sam went to Solid National Bank, and borrowed $2,000 and granted a security interest on the same sailboat. Solid perfected its security interest by filing a financing statement on April 20. Sam defaulted on both loans in June, having paid off none of the principal on either loan. Both banks want to repossess the boat. If the boat can be sold for $1,200, how much of the $1,200 would each bank be entitled to receive

6. why the aggregate supply curve slopes upward in the short run in the short run, the quantity of output that firms supply can deviate from the natural level of output if the actual price level in the economy deviates from the expected price level. several theories explain how this might happen. for example, the misperceptions theory asserts that changes in the price level can temporarily mislead firms about what is happening to their output prices. consider a soybean farmer who expects a price level of 100 in the coming year. if the actual price level turns out to be 90, soybean prices will , and if the farmer mistakenly assumes that the price of soybeans declined relative to other prices of goods and services, she will respond by the quantity of soybeans supplied. if other producers in this economy mistake changes in the price level for changes in their relative prices, the unexpected decrease in the price level causes the quantity of output supplied to the natural level of output in the short run.