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December 2020

Voucher system

Which proposal do you think best serves the interests of consumers? Why? Which proposal do you think best serves the interests of a member of Congress? Why? Q152: In recent years, school choice has been a hotly debated issue. Explain whether education is a public good. If education is not a public good, why should […]

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Rental housing

Suppose the government imposes rent control (a price ceiling) below the equilibrium price for rental housing. Which of the following will result? a. Black markets b. The quality of existing rental housing deteriorates c. Shortages d. All of the above

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Elastic

If the price of a good or service increases and the total revenue received by the seller declines, is the demand for this good over this segment of the demand curve elastic or inelastic? Explain.

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Demand is unitary elastic

Will each of the following changes in price cause total revenue to increase, decrease, or remain unchanged? a. Price falls, and demand is elastic. b. Price rises, and demand is elastic. c. Price falls, and demand is unitary elastic. d. Price rises, and demand is unitary elastic. e. Price falls, and demand is inelastic. f.

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Insurance rates

The principle that there is a direct relationshipbetween the price of a good and the quantity sellers are willing to offer for sale in a defined time period, ceteris paribus, is the ___________. Q116: Which of the following will increase the demand for large automobiles? a. A fall in the price of small automobiles b.

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Coal-burning firms

Suppose coal-burning firms are emitting excessive pollution into the air. Suggest two ways the government can deal with this market failure. Explain the impact of external costs and external benefits on resource allocation. Why are public goods not produced in sufficient quantities by private markets?

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