One reason regulators push for higher prices in an industry is to
a. prevent excess profits in the industry.
b. protect the public from excessively low prices.
c. encourage usage of the good or service.
d. protect against the demise of existing firms.
d
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If the price of a good doubles and quantity supplied triples, then
a. demand is elastic b. demand is inelastic c. supply is inelastic d. supply is elastic e. there is insufficient information to reach any conclusion about the price elasticity of supply
What factors have served to open up world markets to increased international trade?
a. improvements in communications and transportation b. increased tariffs and legislation protecting industries c. an emphasis on regional markets and local sourcing d. climate change and rising environmental awareness
Refer to the above graph. If the current market price rises from $60 to $70 and user costs are not considered, the extraction quantity:
Refer to the above graph. If the current market price rises from $60 to $70 and user costs are ot considered, the extraction quantity:
A. Rises by 10 units to 20 units
B. Falls by 10 units to 20 units
C. Rises by 10 units to 40 units
D. Falls by 20 units to 10 units
Suppose the federal government makes it mandatory for employers to provide health insurance to all employees. Assuming the new mandate applies to homebuilders, the
A) demand for construction workers is likely to increase. B) supply of new homes is likely to increase. C) supply of new homes is likely to decrease. D) supply of new homes will remain the same; businesses will simply "pass" the higher costs on to consumers.