In a "black market," goods are traded at market determined prices.
Answer the following statement true (T) or false (F)
True
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If the government should decide to legalize marijuana, all other things remaining the same, we should expect to see
A) a decrease in the price of marijuana. B) an increase in the price of marijuana. C) a decrease in the demand for marijuana. D) an increase in the use of imported versus domestic marijuana.
In the long run, a typical perfectly competitive firm will produce at the minimum point of its long-run average total cost curve and the minimum point of its short-run average total cost curve
a. True b. False
Why can’t the government sell surplus agricultural products it has purchased domestically?
What will be an ideal response?
If demand is elastic and price is raised, total revenue will
A. rise. B. fall. C. stay the same. D. possibly rise or possibly fall.