An increase in both equilibrium price and quantity is a consequence of a(n):
a. increase in supply
b. increase in demand.
c. decrease in demand
d. decrease in supply
b
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When the government intervenes in markets with bystanders, why does it do so?
a) to protect the interests of bystanders b) to make certain all benefits are received by market participants c) to better coordinate the actions of buyers and sellers d) to increase production when negative externalities are present
The income of the household lying at the exact middle of the income distribution is:
a. mean household income. b. median household income. c. modal household income. d. second quintile household income.
As a result of establishing a legal minimum wage above the market clearing wage
A) there will be a shortage of workers. B) firms will hire fewer workers. C) firms will hire more workers. D) fewer workers will want to work.
The greatest advantage of the railroad over earlier forms of transportation was its speed and its ability to stay open throughout most of the winter. Robert Fogel attempted to measure the advantage of faster all-weather transport by examining:
a. profits in transportation industries as a group. b. profits in railroads compared with canals. c. employment of labor and capital in the transportation sector before and after the railroad. d. inventories of agricultural products held in eastern markets.