An Added Perspective in the text shows that the average size of Japanese rice farms is growing and productivity is improving. This will likely cause __________ and generate requests for ____________
a. prices to increase; price ceilings
b. prices to increase; price floors
c. supplies to increase; price ceilings
d. prices to decrease; price ceilings
e. prices to decrease; price floors
E
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Which of the following situations will arise in the domestic market following the imposition of an import ban?
A) imports decrease, domestic production increases, prices increase B) imports increase, domestic production increases, prices increase C) imports increase, domestic production decreases, prices decrease D) imports decrease, domestic production increases, prices decrease
Refining gasoline for our cars requires a very specialized resource, crude oil. As a result, the
A) demand for gasoline is price elastic. B) demand for gasoline is price inelastic. C) supply of gasoline is price elastic. D) supply of gasoline is price inelastic.
Refer to the given table. Relative to column A, column B represents:Price Per UnitColumn A Units Per YearColumn B Units Per Year$20100110$308595$407080$505565$604050
A. a decrease in demand. B. an increase in supply. C. a decrease in supply. D. an increase in demand.
A market system tends to create inequality.
Answer the following statement true (T) or false (F)