If the supply curve for aspirin is perfectly elastic, a reduction in demand will cause the equilibrium price to:
a. rise and the equilibrium quantity to fall

The Coase theorem deals with the problem of pollution by

A) giving the government regulatory power over polluters. B) making all polluters stop polluting. C) establishing and enforcing private property rights. D) having the government take over ownership of all polluting processes. E) allowing the government to set the proper emission charge.

"Heuristics" used by the human brain refer to the:

A. Ability of the brain to make sophisticated and accurate mental processes B. Shortcuts that the brain uses in order to process information C. Elements in the brain that lead to consistent interpretation of all visual information D. Mental processes that burn and oftentimes waste a lot of energy