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Question
When the price of ground beef increases and all else is held constant, we would expect the supply of hamburgers to ________, causing the price to ________.
a. decrease; increase
b. decease; decrease
c. stay the same; stay the same
d. increase; increase
e. increase; decrease
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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b. more local business start-ups to supply
c. government setting up an agency to regulate supply of
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Q:
The economic entity most likely to engage in price gouging is
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Q:
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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?
a. Prices in the legal market in the community with a binding price ceiling will rise.
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Q:
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b. because it greatly benefits government, which receives additional tax revenue as a result
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Q:
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Q:
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A(n) ________ in the elasticity of supply or demand in a market for a good that is taxed would tend to ________ who is legally responsible for paying the tax.a. decrease; broaden b. decrease; have no effect on c. increase; broadend. increase; narrowe. increase; have no effect on
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a. Demand for jelly will increase along with the price.
b. Demand for jelly will decrease along with the price.
c. The supply of jelly will increase and the price will decrease.
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.
Q:
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Q:
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Q:
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