Refer to the information provided in Figure 3.19 below to answer the question(s) that follow. Figure 3.19Refer to Figure 3.19. The market is initially in equilibrium at Point B. If supply shifts from S2 to S1, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.

Since the 1980s, the share of measured income received by the lowest fifth of families has risen

a. True b. False Indicate whether the statement is true or false

Which of the following quotations illustrates the Tragedy of the Commons?

a. "A bird in the hand is worth two in the bush.". b. "The only difference between the rich and other people is that the rich have more money.". c. "What is common to many is taken least care of, for all men have greater regard for what is their own than for what they possess in common with others.". d. "Anyone who is not a socialist before he is 30 has no heart; anyone who is still a socialist after he is 30 has no head.".