If sanctions are imposed on buyers but NOT on sellers of an illegal good, then the equilibrium price ________ and the equilibrium quantity ________

The above table shows the total product schedule for Hair Today, a hair styling salon. Based on the table, the marginal product for Hair Today

A) never reaches a maximum. B) decreases after the 1st worker. C) reaches a maximum with the 4th worker. D) reaches a maximum with the 3rd worker. E) reaches a maximum with the 5th worker.

Apple Computer developed Apple's new iTunes Music Store, which offers more than 200,000 songs from five major record labels, for use with Apple's iPod and iMac. More than a million songs were downloaded the first week alone! In economic terms, CEO Tim Cook helped convert capital and labor inputs into products consumers use. Any activity that results in the conversion of resources into products that can be used in consumption is

A. production. B. demand. C. a start up venture. D. not profitable.