Half of American recessions since the early 1950s have been caused at least in part by rapid increases in oil prices

The following are the equations for the supply and demand curves in the market for weezils: Demand: Qd= 20?2P Supply: Qs= 5 + 3P where Qdis the quantity demanded, Qsis the quantity supplied, and P is the price per weezil in dollars. Refer to Exhibit 4-1. According to the data given, when the market is in Equilibrium, how many weezils are sold?

A. 3 B. 5 C. 11 D. 14

Which of the following does not contribute to the failure of the law of one price?

A. Technical specifications B. Transportation costs C. Tariffs D. Tastes are similar across countries