In the financial crisis that precipitated the 2007-2009 recession, people systematically overestimated their prospects for financial gain. Which branch of economics would most likely have expected to predict this?

_____________: Transactions of comparable properties may have taken place yesterday, last month, or even several years ago.

Fill in the blank(s) with the appropriate word(s).

For each of the following changes, show the effect on the supply curve and state what will happen to market equilibrium price and quantity in the short run

a. The government requires pollution control filters that raise costs on goods. b. Wages of workers in this industry fall. c. There is an improvement in technology. d. The price of the good falls. e. Producers expect that the price of the good will fall in the future.