In the fifteenth and sixteenth centuries, most towns prohibited individuals from accumulating stocks of grain. Since such individuals sold the grain and profited greatly during food shortages, they were considered to be exploiting people in need. The result of this prohibition was
a. wilder fluctuation in the price of grain.
b. more grain shortages.
c. losses to farmers in a good crop year.
d. All of the above are correct.
d
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Suppose the Chicago Bears football team raises ticket prices by 13 percent and as a result the quantity of tickets demanded decreases by 21 percent. This response means that the demand for Bears tickets is
A) inelastic. B) elastic. C) unit elastic. D) perfectly inelastic. E) perfectly elastic.
If an increase in the price of good X leads to a decrease in the demand for good Y, then:
A. good X is a normal good and good Y is an inferior good. B. good X and good Y are normal goods. C. good X and good Y are substitutes. D. good X and good Y are complements.
The recessionary GDP gap is
A. Reduced by shifting aggregate demand to the left. B. Equal to the spending multiplier. C. The amount by which equilibrium GDP falls short of full-employment GDP. D. Small unless the unemployment rate is very low.
The figure above shows the market for milk. The ________ price that producers must be offered to get them to produce 100 gallons of milk per day is ________
A) maximum; $2.50 B) minimum; $3.00 C) maximum; $4.00 D) minimum; $2.50