If penalties are imposed only on the buyers of illegal drugs, the equilibrium price of illegal drugs will ________ and the equilibrium quantity will ________

If there is a technological advance that reduces the cost of producing x-ray machines, then we can say that the:

a. quantity demanded of x-ray machines will increase b. demand for x-ray machines will increase c. quantity supplied of x-ray machines will increase d. supply of x-ray machines will decrease e. none of the above

An attempt should always be made to maximize opportunity cost.

a. true b. false