The switch to the use of ethanol in gasoline is driven primarily by its relatively lower price. Assuming a competitive market, what effect would this change have on the equilibrium price and output for gasoline?
A) Price rises, output falls.
B) Price falls, output rises.
C) Price rises, output rises.
D) Price falls, output falls.
B
Economics
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In a competitive free market:
A) all exchanges take place involuntarily. B) there is only one seller and many buyers. C) the government does not impose price controls. D) there is no provision for the protection of property rights.
Economics
Which of the following would not be considered a cause of poverty?
a. lack of proficiency in English b. a college education c. bad luck d. gender discrimination
Economics