Chapter 4: Problem 10
Pollution from cars is an example of a. a harmful opportunity cost. b. a negative externality. c. a production dislocation. d. none of the above.
Chapter 4: Problem 10
Pollution from cars is an example of a. a harmful opportunity cost. b. a negative externality. c. a production dislocation. d. none of the above.
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Get started for freeWhich of the following statements is true? a. An increase in demand, with no change in supply, will increase the equilibrium price and quantity. b. An increase in supply, with no change in demand, will decrease the equilibrium price and the equilibrium quantity. c. A decrease in supply, with no change in demand, will decrease the equilibrium price and increase the equilibrium quantity. d. All of the above are true.
Which of the following is least likely to result from rent controls set below the equilibrium price for rental housing? a. Shortages and black markets will result. b. The existing rental housing will deteriorate. c. The supply of rental housing will increase rapidly. d. People will demand more apartments than are available.
An increase in the wage paid to grape pickers will cause the a. demand curve for grapes to shift to the right, resulting in higher prices for grapes. b. demand curve for grapes to shift to the left, resulting in lower prices for grapes. c. supply curve for grapes to shift to the left, resulting in lower prices for grapes. d. supply curve for grapes to shift to the left, resulting in higher prices for grapes.
Which of the following is the best example of a public good? a. Pencils b. Education c. Defense d. Trucks
Suppose the equilibrium price set by supply and demand is lower than the price ceiling set by the government. The eventual result will be a. a shortage. b. that quantity demanded is equal to quantity supplied. c. a surplus. d. a black market.
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