Recall the Application. If the decrease in price of illegal drugs is due to equal changes in demand and supply, the equilibrium quantity of drugs
A) will increase. B) will decrease.
C) will not change. D) may or may not change.
C
You might also like to view...
If a household has a single woman and three kids, has a standard deduction of $6,300, has itemized deductions of $10,650, and personal exemptions of $12,000 (3*$4,000), then the first ________ of income is federal income tax free.
A. $18,300 B. $22,650 C. $16,850 D. $28,950
As a price change persists over a long period of time, we should expect the demand elasticity to fall.
Answer the following statement true (T) or false (F)
Which of the following is the source of revenue for Medicare and Social Security in the United States?
A) individual income taxes B) social insurance taxes C) sales taxes D) property taxes
At the competitive equilibrium quantity supplied equals quantity demanded in all markets
Indicate whether the statement is true or false