Refer to the graph shown. A quantity restriction of QR will:
A. lower market price to P2.
B. maintain a market price of P1.
C. raise market price to P0.
D. have no effect in the market depicted.
Answer: C
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The debt burden in the United States was highest during
A) the 1980s. B) the 1960s. C) World War II. D) World War I.
Robinson Crusoe divides his time between catching fish and gathering fruit. Part of his production possibilities frontier is given in the above table. Mr. Crusoe, while lonesome, is efficient and always stays on his PPF. Mr
Crusoe is consuming 20 pounds of fish. Then he decides to slowly become a vegetarian and decrease his consumption of fish to 9 pounds. This decision means that Mr. Crusoe will A) incur an opportunity cost of 9 pounds of fruit. B) incur an opportunity cost of 99 pounds of fruit. C) be able to enjoy a gain of 9 pounds of fruit. D) incur an opportunity cost of 20 pounds of fish. E) incur an opportunity cost of 9 pounds of fish.