Refer to Figure 9.5. If the government establishes a price floor of $2.50 and farmers grow only the amount of berries that will be sold, the resulting deadweight loss will be

The secondary supply of copper is:

A equally elastic in the short run and in the long run. B unit elastic in the short run and perfectly elastic in the long run. C more elastic in the short run than in the long run. D less elastic in the short run than in the long run.

One million automobiles have a defect that could cause the car to explode; however, only one of those cars will actually explode. Nobody knows which one car it is

When the car does explode, the victim's family will sue the automaker for $1 million and win. The defect costs $2 per car to repair. What does economics predict about the automaker's decision to repair the defect?