If the purchase and sale of marijuana becomes legalized
A) the equilibrium price and quantity will both rise.
B) the equilibrium price will fall, but the change in equilibrium quantity depends upon whether the demand curve shifts rightward more or the supply curve shifts rightward more.
C) the equilibrium quantity will rise, but the change in equilibrium price depends upon whether the demand curve shifts rightward more or the supply curve shifts rightward more.
D) the equilibrium price and quantity will both fall.
C
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If the wage rate in a monopsonistic industry is $15, the marginal factor cost will be:
a. $0. b. $1. c. $15. d. greater than $15. e. less than $15.
Bob and Bill can make 16 toys each if they devote 8 working hours in a day. Further, Bob can repair 4 cars and Bill can repair 2 cars, if they devote 8 working hours in a day. What is the opportunity cost of repairing one car to Bill?
a. 10 toys b. 8 toys c. 16 toys d. 12 toys e. 4 toys
Inflation distorts savings when real interest income, rather than nominal interest income, is taxed
a. True b. False Indicate whether the statement is true or false
If the world price of coffee is higher than Colombia's domestic price of coffee without trade, then Colombia
a. should import coffee. b. has a comparative advantage in coffee and should export coffee. c. should produce just enough coffee to satisfy domestic demand. d. should produce no coffee domestically.