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Question
Oil is a main component in the manufacture of plastic bags. If the price of oil were to increase, the price of plastics bags would ________ and the quantity would ________.
a. increase; increase
b. increase; decrease
c. decrease; increase
d. decrease; decrease
e. increase; stay the same
Answer
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Related questions
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b. relatively unresponsive to a change in price.
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e. completely responsive to a change in price.
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Price gouging laws will usually result in ________ the product in the distressed market.
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b. more local business start-ups to supply
c. government setting up an agency to regulate supply of
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The economic entity most likely to engage in price gouging is
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Q:
What is the long-run consequence of a price ceiling law?
a. A surplus will continue to exist and will grow larger over time.
b. A surplus will continue to exist and will grow smaller over time.
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Q:
Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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Q:
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a. Demand for jelly will increase along with the price.
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d. Both the supply and demand for jelly will increase along with the price.
e. The supply of jelly will decrease and the price will increase.
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Q:
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Q:
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