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Question
The opportunity cost for Jeremiah of going to a water park is
a. the price of the admission pass.
b. zero, if he can go with his parents who will pay.
c. zero, if it is raining that day and the water park is closed.
d. the price of the admission pass plus the highest valued alternative activity Jeremiah could have done instead.
e. the highest valued alternative activity Jeremiah could have done instead.
Answer
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Related questions
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b. relatively unresponsive 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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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:
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b. society faces a trade-off between homelessness and rent control.
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What will an individual do differently as a buyer in the black market in the long run?
a. He or she will substitute away from the product.
b. He or she will substitute toward the product.
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d. When a binding price ceiling exists, he or she will be willing to pay a lower price.
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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.
c. A shortage will continue to exist and will grow larger 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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b. Prices in the legal market in the community with a binding price ceiling will fall.
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b. The binding price ceiling will discourage patients from obtaining the drugs they need.
c. The binding price ceiling will increase the likelihood that consumers will obtain needed drugs on the black market.
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c. The price and the quantity sold in the community without a nonbinding price ceiling will be the same as the price and quantity in the community with a nonbinding price ceiling.
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Q:
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a. Demand for jelly will increase along with the price.
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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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