If the punishment associated with breaking a ban is not severe enough, it may:
A. still decrease the consumption of the good if the price of the good changes.
B. still be effective if it gains media attention.
C. not alter the trade-offs enough to change the consumption patterns of the banned good.
D. cause even more consumption of the good, exaggerating the problem.
Answer: C
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In the long-run equilibrium in a perfectly competitive market, the firms produce at the ________ possible average total cost and the price equals the ________ possible average total cost
A) highest; highest B) lowest; lowest C) highest; lowest D) lowest; highest
An individual who possesses a specialized skill that is difficult to execute will
a. necessarily receive wages considerably higher than those who lack this skill. b. receive a wage determined by the number of other persons possessing this skill. c. receive a high wage only when this skill is in great demand relative to its supply. d. receive a wage rate that is lower than similarly productive individuals who lack this skill.
If the government removes a binding price ceiling from a market, then the price paid by buyers will
a. increase, and the quantity sold in the market will increase. b. increase, and the quantity sold in the market will decrease. c. decrease, and the quantity sold in the market will increase. d. decrease, and the quantity sold in the market will decrease.
An increase in capital stock would
What will be an ideal response?