In the above figure, if the price is $8 then there is a
A) surplus of 100.
B) surplus of 200.
C) shortage of 100.
D) shortage of 200.
B
Economics
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If penalties for trading illegal drugs are instituted on both buyers and sellers, the
A) quantity might increase or decrease but the price will rise. B) price might rise or fall, but the quantity will decrease. C) price and the quantity will both decrease. D) price and the quantity will both increase.
Economics
For a monopoly market, if the Lerner Index is 2, then
A) the monopoly is maximizing its profit. B) the price elasticity of demand is -2. C) the price elasticity of demand is -0.5. D) None of the above.
Economics