When an effective production quota is applied in thee market for rice, the quantity produced _____ and the price ____. When an effective production quota is applied in the market for rice, the MSB ____ MSC.

Fill in the blank(s) with the appropriate word(s).

Decreases; rises
Exceeds

Economics

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You spend $20 on a lottery ticket instead of buying groceries. The $20 spent on the lottery ticket represents an ________ and the forgone groceries represent an ________

A) explicit cost; explicit cost B) implicit cost; explicit cost C) explicit cost; implicit cost D) implicit cost; implicit cost

Economics

Relative to a single-price monopoly, the effect of group price discrimination on social welfare is

A) beneficial. B) detrimental. C) neutral. D) ambiguous.

Economics