Lung cancer kills millions of people each year. If the government were to increase taxes on cigarettes, fewer people would smoke.
What will be an ideal response?
Positive
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The above figure shows how many pounds of peanuts farmers are willing to sell at different prices per pound of peanuts. If the price of a pound of peanuts is $1 and the price of a pound of pecans is $2, peanut farmers are willing to sell
A) no peanuts. B) 1000 pounds of peanuts. C) 2000 pounds of peanuts. D) 4000 pounds of peanuts.
What is the Coase Theorem? What are transaction costs?
Give a short concise definition for the following terms and explain their relationship to the study of economics
a. marginal physical product b. marginal revenue product c. law of diminishing returnsd economies of scale
The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5P.If this economy is open to trade, and the world price of a car is $6,000, the domestic quantity demanded will be ________ and quantity supplied will be ________.
A. 8,000; 14,000 B. 12,000; 8,000 C. 12,000; 10,000 D. 14,000; 8,000