If enforcement is aimed at sellers of an illegal good, its equilibrium price will ________ and its equilibrium quantity will ________
A) rise; increase
B) rise; decrease
C) fall; increase
D) fall; decrease
B
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Assume that both the demand curve and the supply curve for DVD players shift to the left but the demand curve shifts more than the supply curve. As a result
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will decrease. D) the equilibrium price of DVD players will increase; the equilibrium quantity may increase or decrease.
Which of the following statements about the slave family in the U.S. is most accurate?
a. Slave owners preferred slaves who lived in intact families. b. In most two-parent slave families, the parents lived on different plantations. c. The father was white in about 75 percent of the households headed by single slave mothers. d. About half of children under 15 years of age were sold away from their families.
The key characteristic of oligopoly markets is "interdependence among firms." This means that: a. the demand curve faced by each firm is perfectly elastic
b. each firm produces a product identical to its rivals. c. each firm must consider how its decisions will affect its competitors. d. firms will be able to earn above-normal profits in the long run.
Suppose that MU x /P x exceeds MU y /P y . To maximize utility, the consumer who is spending all her money income should buy:
A. less of X only if its price rises. B. more of Y only if its price rises. C. more of Y and less of X. D. more of X and less of Y.