The textbook notes that the last time a major league batter hit .400 was in 1941. This is because:
A. the league imposes harsh penalties for steroid use.
B. specialization by pitchers, infielders, and outfielders has made it harder for batters to hit.
C. baseball diamonds have become larger.
D. the average quality of batters has fallen.
Answer: B
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Suppose a market is in equilibrium and then a price floor is established below the equilibrium price. Which of the following will happen?
a. quantity demanded will increase b. a surplus will develop c. a shortage will develop d. the quantity sold will rise e. the market will remain in equilibrium
Other things being equal, the longer a price change persists
A) the less is the elasticity of demand. B) the less chance a consumer will be able to adjust. C) the more the consumer will be willing to pay. D) the greater is the elasticity of demand.