Society might argue that there are cases in which it is appropriate to resist price increases in situations where scarcity is serious. Included would be the case of
a. unrestrained monopoly that would otherwise succeed in gouging the public.
b. taxes imposed on products capriciously and inappropriately.
c. rising prices falling so heavily on the poor that rationing becomes preferable.
d. All of the above are correct.
d
Economics
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A temporary adverse supply shock directly causes
A) a shift down and to the left of the IS curve. B) a shift to the left of the FE line. C) a shift down and to the right of the LM curve. D) a shift up and to the right of the IS curve.
Economics
Gains from trade will be possible as long as
A) people have different endowments. B) people place different values on some goods. C) marginal rates of substitution are equal across individuals. D) excess supply equals excess demand.
Economics