If the penalty on sellers of an illegal good is less than the penalty on buyers of an illegal good, then supply of the good will ________ by ________ demand and the price of the good will ________
A) increase; more than; increase
B) decrease; more than; decrease
C) decrease; less than; decrease
D) decrease; the same amount as; remain the same
C
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Total revenue cannot be derived from the demand curve or a demand schedule.
Answer the following statement true (T) or false (F)
The starting point of many methods for predicting equilibrium strategy in sequential games is
a. designing proactive reactions to rival actions b. information sets c. uncertain outcomes d. backwards induction based on an explicit order of play e. endgame analysis
The equilibrium interest rate in a money market is determined by: a. the rate of inflation
b. aggregate demand and aggregate supply. c. money demand and money supply. d. the Congress. e. the Fed.
Economists agree that trade ought to be restricted if free trade means that domestic jobs might be lost because of foreign competition
a. True b. False Indicate whether the statement is true or false