Under the rational criminal model, an increase in the probability of getting caught will
A. generate more income for pro bono defense attorneys.
B. increase crime.
C. decrease crime.
D. have no effect on crime.
Answer: C
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June makes holiday wreaths and sells them during the holiday season. The figure above shows her supply curve of wreaths per week. Use the midpoint method in this problem
a. Calculate the percentage change in quantity between points A and B. b. Calculate the percentage change in price between points A and B. c. Calculate the price elasticity of supply between points A and B.
Which of the following is NOT true of monopolistic competition?
A) Firms produce a good that is a perfect substitute for their competitors' goods. B) There is free entry and exit. C) There are a large number of firms. D) Firms can compete on price and quality.
When economists refer to intangible items, they are referring to such things as
a. illegal goods, and the value of such items is included in GDP. b. illegal goods, and the value of such items is excluded from GDP. c. hair styling and dental care, and the value of such items is included in GDP. d. hair styling and dental care, and the value of such items is excluded from GDP.
Answer the following questions true (T) or false (F)
1. If a firm in a perfectly competitive industry introduces a lower-cost way of producing an existing product, the firm will be able to earn economic profits in the long run. 2. Firms in perfect competition produce the productively efficient output level in the short run and in the long run. 3. Firms in perfect competition produce the allocatively efficient output in the short run and in the long run.