Which of the following is most likely to be an unintended effect of placing safety caps on medicines?
A) It is now harder for people to open their medicine containers.
B) People leave their medicine containers open more often, which ends up making it easier for children to get into the medicine.
C) Fewer people get sick and need medicine.
D) Medicine prices fall sharply.
B
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Which of the following does NOT describe a compensating variation?
A. The amount of money that exactly compensates a consumer for a change in economic circumstances B. The amount of money that produces an equivalent effect on a consumer's well-being C. The most someone is willing to pay to experience something beneficial D. The least someone is willing to receive to experience something harmful
The final element of a financial crisis is
a. an economic downturn. b. a decline in confidence in financial institutions. c. declining prices of real estate or other assets. d. a vicious circle.
Suppose a country, whose production and consumption of coffee is large relative to the world market, has just entered the global market. If the country is a net exporter of coffee, we would expect:
A. a decrease in world price, and increase in world quantity of coffee. B. an increase in both world price and quantity of coffee. C. an increase in world price and decrease in world quantity of coffee. D. a decrease in both world price and quantity of coffee.
The above graph shows the demand and cost conditions facing a price-setting firm. The firm will produce ________ units of output and charge a price of ________.
A. 50, $9 B. 40, $8 C. 50, $6 D. 60, $10 E. none of the above