Exploring Economics
8th Edition
ISBN: 9781544336329
Author: Robert L. Sexton
Publisher: SAGE Publications, Inc
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Question
Chapter 2, Problem 12P
To determine
The view on sale of organs is to be determined.
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When Adam Smith talked about “the invisible hand” he argued that:
High transaction costs normally prevent markets from achieving equilibrium.
Prices, in the long run, end up where both fairness and efficiency are achieved.
Changing prices leads to an “end” which buyers and sellers are not totally pleased with, but one that is efficient.
Create mutually agreed upon prices over time if the market is subsidized.
As prices increase, demand falls, but supply rises, creating an equilibrium outcome.
Self-interested activities help eliminate shortages and surpluses if price ceilings and price floors are effectively utilized.
The emergence of ride sharing apps like Lyft and Uber have created gains from trade by
introducing new sellers into the market for taxi services and decreasing the price of rides.
introducing new buyers into the market for taxi services and increasing the price of rides.
pushing traditional taxi companies and drivers out of the market.
requiring all of their drivers to have a valid driver’s license and a clean driving history.
When are government intervention or government regulations beneficial to consumers?
when they impose regulations on businesses that limit profits
when they limit consumer choices by regulating goods sold by private firms
when they limit the number of businesses permitted to open and sell goods to consumers
when they impose safety regulations that determine how bicycle helmets are manufactured
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- Implementation of carbon pricing in the gasoline market would cause ______ shift of the supply curve, leading to a ______ equilibrium quantity of gasoline and a ______ equilibrium price. A. an outward; lower; higher B. an outward; higher; lower C. an inward; lower; higher D. an inward; higher; lowerarrow_forwardWhich of the following do economists not generally regard as a legitimate reason for the government to intervene in a market? a. To promote efficiency b. To protect an industry from foreign competition c. To enforce property rights d. To promote equalityarrow_forward
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