A shift in the supply curve for gasoline in the United States would result if
A. magnet-lift trains, that were capable of going 300-miles-per-hour, were built connecting all major cities in the America.
B. the price of gasoline decreased.
C. a new method for drilling through rock opened up vast new oil reserves in Wyoming.
D. electric cars became inexpensive and popular.
C. a new method for drilling through rock opened up vast new oil reserves in Wyoming.
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John paints the exterior of his house and, as a result, his neighbor Christine is able to sell her home for $5,000 more than she could have before. John's house painting:
a. creates a negative externality for Christine. b. shows John is a free rider. c. results in an efficient market outcome for both. d. creates a positive externality for Christine. e. was poorly done.
Explain the relationship between the price elasticity of demand and price discrimination. Give two examples
What will be an ideal response?
Refer to the below table. The price of the product being produced by this resource:
A. Is constant at all levels of production
B. Cannot be discerned from the given data
C. Decreases as production increases
D. Increases as production increases
Which of the following would be classified as a fixed cost for the proprietor who owns and operates the local Texaco station?
A) the federal excise tax paid on each gallon of Texaco gasoline sold B) the state income tax on the profit earned C) the rent paid on the 10 year lease for the property on which the station is located D) the Social Security tax the owner pays the federal government on the owner's income