In the event that China rises, and the U.S. overcomes its setbacks and does not decline further, the situation may be similar to that seen in the Cold War, one of

What is the transitional gains trap? In New York, in order to be legal a cab driver must have a medallion (i.e., a license) to operate

With respect to New York cab drivers who, if anyone, received transitional gains? What if the medallion program were ended tomorrow. Who would be harmed?

Suppose that demand is inelastic within a certain price range. For that price range,

a. an increase in price would increase total revenue because the decrease in quantity demanded is proportionately less than the increase in price. b. an increase in price would decrease total revenue because the decrease in quantity demanded is proportionately greater than the increase in price. c. a decrease in price would increase total revenue because the increase in quantity demanded is proportionately smaller than the decrease in price. d. a decrease in price would not affect total revenue.