In which of the following cases can we be certain that a natural resource has become scarcer?
a. both the demand for the resource and the supply of the resource have increased.
b. both the demand for the resource and the supply of the resource have decreased.
c. the demand for the resource has increased and the supply has decreased.
d. the demand for the resource has decreased and the supply has increased.
c
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In the pivotal Supreme Court decision Munn v Illinois (1877), the court held that
(a) natural monopolies were subject to government regulation. (b) business in interstate commerce was subject to regulation. (c) any business, whether or not a natural monopoly, or whether or not it was in interstate commerce, may under certain circumstances be subject to regulation. (d) only businesses chartered (licensed) by governments could be subjected to government regulation.
Agricultural price supports are
A) price ceilings. B) price floors. C) quantity quotas. D) taxes.