What would be the most likely effect in the market for OPEC oil if the U.S. were to impose a legal ceiling price on crude petroleum produced domestically? Assume their price is far below the current world price?
A) The demand would decrease.
B) The demand would increase.
C) The supply would decrease.
D) The supply would increase.
E) Only the quantity would change, not the demand or the supply.
B
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A system of universal medical insurance would tend to ________ the ________ for medical services
A) increase; elasticity of demand B) decrease; elasticity of demand C) decrease; quantity demanded D) decrease; non-monetary payments
Consider the following situation. Tuition at State University is $10,000 per year. Each of the students listed below paid their own tuition bills. Who among them incurred the greatest sunk cost?
A) The student who received a two-year associate's degree B) The student who took five years to complete the bachelor's degree C) The student who took ten years to complete the bachelor's, master's, and Ph.D. degrees D) The student who dropped out during their first semester E) The student who dropped out after their third year