During Prohibition crime ____ and the amount spent on law enforcement ____
a. stayed roughly the same; remained level
b. increased dramatically; more than doubled
c. remained level; more than doubled
d. decreased slightly; more than doubled
b. increased dramatically; more than doubled
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Many predict there will be permanent, growing shortages of oil by the year 2025. The prognosticators are assuming
A) oil prices will fall. B) oil prices will not adjust appropriately to coordinate the market. C) oil prices will rise. D) greed will ruin the supply and demand process in the world oil market.
Suppose Fred honestly tells the car dealer that the maximum amount he's willing to pay for a Ford Escort is $12,000 . The dealer says, "You're in luck! We have one on the lot for $12,000.". Which of the following statements is true?
a. The dealer's consumer surplus is $12,000. b. Fred and the dealer share $12,000 of consumer surplus. c. Fred's consumer surplus is $12,000. d. Fred receives no consumer surplus. e. The car is not worth $12,000.
We cannot predict the effect on the market clearing price, but know that the equilibrium quantity will increase when
A) supply increases and demand decreases. B) supply and demand for a product simultaneously decrease. C) supply and demand for a product simultaneously increase. D) supply decreases and demand increases.
If a linear supply curve has a zero intercept, the elasticity of supply is always unitary
Indicate whether the statement is true or false