Refer to the graphs below. Assume that the economy is initially at equilibrium where AD2 and AS intersect in Graph 1, and also assume that the economy is initially at point C in Graph 2. A movement from point C to point B in graph 2 would most likely be associated, in graph 1, with a shift of:

A value of zero for the elasticity of supply of some product implies that

A) the supply curve is horizontal. B) supply is highly responsive to price. C) the product will not be supplied at any price. D) there is no supply. E) the supply curve is vertical.

A Supreme Court ruling in March 1996 held that

A) state laws to prevent banks from selling insurance can be superseded by federal rulings from banking regulators that allow banks to sell insurance. B) state laws to prevent banks from selling insurance cannot be superseded by federal rulings from banking regulators that allow banks to sell insurance. C) state laws to prevent banks from selling insurance can be superseded only if Congress enacts legislation that allow banks to sell insurance. D) state laws to prevent banks from selling insurance cannot be superseded by federal legislation.