If the Internet helps buyers learn about the availability of products and find potential sellers more quickly,
a. the volume of trade will decline.
b. buyers will be better off, but sellers will be worse off.
c. transaction costs will rise.
d. the gains from trade will increase.
d. the gains from trade will increase.
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The law of supply implies that the supply curve is
A) flat. B) upward sloping. C) downward sloping. D) vertical.
When the sale of a good is illegal, it is like setting a price ceiling at zero
a. True b. False Indicate whether the statement is true or false
Other things equal, the greater the degree of complementarity between potential immigrants and native-born workers, the:
A. lower the optimal quantity of immigrants. B. lower the marginal benefit of additional immigrants. C. greater the marginal cost of additional immigrants. D. greater the optimal quantity of immigrants.
The category of resources economists call "land" refers to all of the following, except:
a. natural gas. b. animals. c. oceans. d. minerals. e. buildings.