A system of nonattenuated (uncompromised) property rights is compatible with the achievement of economic efficiency

Mean reversion refers to the fact that

A) small firms have higher than average returns. B) stocks that have had low returns in the past are more likely to do well in the future. C) stock returns are high during the month of January. D) stock prices fluctuate more than is justified by fundamentals.

Suppose anyone with a driver's license is capable of supplying one trip from the airport to the downtown business center on any given day. The long-run supply curve of such trips is horizontal at p = $50, which is the average cost of such trips. Suppose daily demand is Q = 1000 - 10p. Calculate the change in consumer surplus, producer surplus and social welfare if the city government requires

those people supplying such trips to possess a special license, and the government will issue only 300 licenses. What will be an ideal response?