Every economic decision involves a trade-off because of

Which of the following results from a price ceiling? i. increased search activity ii. surplus iii. black market

A) i only B) i and iii C) ii and iii D) i, ii, and iii E) ii only

Suppose there are three houses in a neighborhood. The residents are considering installing street lights and are trying to determine how many lights need to be installed

Each resident's willingness to pay for street lights is given in the table below. Number of Street Lights House 1 House 2 House 3 1 $300 $400 $200 2 $280 $360 $160 3 $240 $300 $120 4 $180 $220 $100 5 $80 $100 $10 If the cost of installing one light is $500, how many lights will be installed? A) 1 B) 2 C) 4 D) 5