Minimum-price laws designed to preserve competition
A) offer the certainty of lower prices in order to eliminate the possibility of higher prices.
B) offer the certainty of higher prices in order to eliminate the possibility of higher prices.
C) offer the possibility of higher prices in order to eliminate the certainty of higher prices.
D) offer the sellers more competition among themselves.
B
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All economic activity in the underground economy represents the production of illegal goods and services
Indicate whether the statement is true or false
According to Hughes and Cain (2011), taxation can be a form of forcible seizure of property, under certain circumstances
Indicate whether the statement is true or false
Suppose that X and Y are substitutes. If the price of Y increases, how will this change the market equilibrium for X?
a. Equilibrium price declines, and equilibrium quantity rises. b. Equilibrium price rises, and equilibrium quantity falls. c. Equilibrium price and quantity both decline. d. Equilibrium price and quantity both rise.
Produced goods used as inputs for the production of other goods comprise the resource known as
A) natural resources. B) services. C) capital. D) entrepreneurship.