For a previously-legal good, criminalization will cause
A. supply to become more elastic.
B. demand to become less elastic.
C. price to rise, unambiguously.
D. demand to increase.
Answer: A
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Decreasing marginal returns occur in the short run as more labor is hired to work in a fixed sized plant because
A) less efficient and less productive workers are hired. B) adding more workers exhausts the possible gains from specialization. C) the entrepreneur does not know how to manage more workers. D) each worker will produce more than the worker previously hired. E) the plant becomes less specialized.
What is odd pricing? Why do some merchants use odd pricing?
What will be an ideal response?
How will global warming and climate change adversely impact the "poor," particularly in developing nations?
What will be an ideal response?
If there is a sole producer of a good, and he faces no threat of competition, it is likely that:
A. government intervention will have no impact on the market. B. government intervention will raise prices to consumers. C. government intervention will increase total surplus. D. government intervention will make things better for buyers and sellers.