The policy shown in Figure 9.7 is a
A) price floor of $50.
B) price support of $50.
C) price ceiling of $30.
D) quota of 2000.
E) quota of 4000.
D
Economics
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What must be true in terms of the income effect, the substitution effect, and the type of good for the good's demand curve to be upward sloping?
What will be an ideal response?
Economics
Suppose a change takes place and the new equilibrium is at point A in the above figure. This change could have been caused by
A) an increase in the per-unit tax on CDs. B) a decrease in the income of consumers. C) a reduction in the wages paid to workers in the CD industry. D) a reduction in the price of CD players.
Economics