Licensing requirements for doctors, which are intended primarily to maintain the quality of persons who work in the profession, have no the effect on the profits of those individuals because the number of competitors is so large

One reason why the demand for gasoline is inelastic is because

A) substitutes for gas abound. B) substitutes for gas are hard to find. C) gasoline is a luxury item. D) people have a long time to shop around for automobiles that use less gas. E) buses run on diesel fuel rather than gasoline.

If a tariff is imposed on imported televisions, we expect domestic demand for televisions to:

A) fall, and the total supply to increase. B) rise, and the total supply to decrease. C) rise, and the total supply to rise. D) remain unchanged, and the total supply to decrease.