Suppose the U.S. government imposes a maximum price of $5 per gallon of gasoline, and the current equilibrium price is $3.50 per gallon. This policy represents a:

If the demand elasticity for a product is -2, and a profit-maximizing firm sells the product for $10, its marginal cost must be

A) $5. B) $10. C) $15. D) $8.

"The alarm went off, the sun rose, and I had to make a choice; microeconomics class or sleep longer.". The scarce resource in this case is

a. time b. logical ability c. textbooks d. alarm clocks e. sunshine