The above figures show the market for gasoline. Which figure(s) shows the effect of a decision by the OPEC countries in the Middle East to export less oil to the rest of the world?
A) Figure B
B) Figure C
C) Figure D
D) Figures B and C
B
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Experimental data are often
A) observational data. B) binary data, in that the subject either does or does not respond to the treatment. C) panel data. D) time series data.
Suppose a new law requires all piercing studios to pass tougher licensing tests and to begin using more costly sterilization methods. Other things constant, this law would cause:
a. an increase in the supply of piercings and a lower price for piercings. b. an increase in the supply of piercings and a higher price for piercings. c. a decrease in the supply of piercings and a higher price for piercings. d. a decrease in the supply of piercings and a lower price for piercings.
Here's a taste of economic history: in the United States, rent controls were implemented in 450 designated areas during World War II because
a. residential construction had been curtailed due to the war effort b. houses were regarded as being essential to the war effort c. there was an excess supply of housing d. quantity demanded of housing decreased as soldiers went to war e. the price of housing became depressed due to falling demand for houses
Assuming that firms maximize profits, how will the price and output policy of an unregulated monopolist compare with ideal market efficiency?
a. The output of the monopolist will be too large and the price too high. b. The output of the monopolist will be too large and the price too low. c. The output of the monopolist will be too small and the price too high. d. The output of the monopolist will be too small and the price too low.