Explain how a market for human organs would affect the supply curve and equilibrium price and quantity
Please provide the best answer for the statement.
An individual would state in a legal document that he or she is willing to sell their usable organs when they die and specify where the money from the sale of the organs would go, such as to family, friends, or charity. Firms would then emerge that would purchase the organs and resell them for a profit. Such a market would give people more incentive to supply organs and help create an up sloping supply curve because a higher price for organs would bring forth more organs available for transplant. The supply curve therefore would be up sloping rather than a vertical supply curve that has no price incentive and is limited by the number of donors who are not paid for their organs. This new up sloping supply curve would intersect the down sloping demand curve and establish an equilibrium price and quantity for organs. The equilibrium quantity of organ transplants would increase, but so would the price compared with the non-price organ market.
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Over the last several decades, per capita world food production has
a. risen rapidly b. been stable c. risen at first, but then fallen d. risen slowly e. fallen continuously
If consumers would be willing to purchase the same quantity of a good no matter what its price was, the demand curve would
a. be a vertical line, and demand would be perfectly inelastic. b. be a horizontal line, and the demand would be perfectly elastic. c. not exist. d. be identical to the supply curve for the good.
GDP includes:
a. the negative attributes in our quest for more goods and services such as soil erosion and deforested landscape. b. all quality improvements resulting from higher quality goods replacing inferior goods. c. the cleaning-up expenses associated with pollution. d. the value of leisure time.
Property rights and a strong titling system are seen as important to economic development because they allow:
A. loans to be taken out without risk, increasing the quality, not quantity, of investment. B. loans to be taken out against the equity of their assets, increasing investment. C. agencies with authority to verify titling to thrive in the economy. D. savers to invest in property and capital.