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

Economics

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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

Economics

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)

Economics

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

Economics

At the competitive equilibrium quantity supplied equals quantity demanded in all markets

Indicate whether the statement is true or false

Economics