People come to expect that the price of a gallon of gasoline will rise next week. As a result,
A) today's demand for gasoline and today's supply of gasoline do not change.
B) next week's supply of gasoline decreases.
C) the price of a gallon of gasoline falls today.
D) today's supply of gasoline increases.
E) today's demand for gasoline increases.
E
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A) economic profits are possible over the long run. B) economic profits are possible but only over limited amounts of time. C) economic profits are not possible. D) the cost of capital will not be covered.
Bans or quotas that limit the use of common resources are straightforward public-policy approaches to solving the problem of overuse if:
A. the community agrees to aid in its enforcement. B. the community affected participates in setting the punishments for breaking the policy. C. countries have the resources to enforce them. D. None of these statements is true.