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California State University, San Marcos - ECON 201 Quiz 5. Latest Version-2020. With all answers explained. 100% Correct.

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California State University, San Marcos - ECON 201 Quiz 5 1. Roadway congestion The following graph shows the supply of space on a commuter freeway and the demand for freeway space during rush hour ... and during off-peak hours. If there is no toll on the freeway at any time, then there will be neither a shortage (excess demand) nor a surplus (excess supply) of freeway space during off-peak hours and a shortage (excess demand) of freeway space during rush hour. Points: 0.5 / 1 Now assume there is a toll on the freeway. Which of the following toll prices will ensure that there is not a shortage (excess demand) of freeway space during rush hour? Check all that apply. $0 $3 $2 $1 Points: 1 / 1 Close Explanation 1. Roadway congestion The following graph shows the supply of space on a commuter bridge and the demand for bridge space during rush hour and during off-peak hours. there is a toll to cross the bridge. Which of the following toll prices will ensure that there is not a shortage (excess demand) of bridge space during rush hour? Check all that apply. $1 $3 $0 $2 Points: 1 / 1 1. Roadway congestion The following graph shows the supply of space on a commuter highway and the demand for highway space during rush hour and during off-peak hours. If there is no toll on the highway at any time, then there will be a shortage (excess demand) of highway space during rush hour and neither a shortage (excess demand) nor a surplus (excess supply) of highway space during off-peak hours. Points: Now assume there is a toll on the highway. Which of the following toll prices will ensure that there is not a shortage (excess demand) of highway space during rush hour? Check all that apply. $4 $0 $6 $2 Points: 1 / 1 2. Why is medical care so expensive? The following graph shows the supply of and demand for doctor visits in a small economy. Assume that there are no externalities from the production or consumption of doctor visits. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Doctor Visits per Year 250 Patient Payment 200 Price Doctors Charge(Dollars per visit) 10 0 Insurance Payment 0 (Dollars per visit) The supply curve shows the number of doctor visits supplied at each price, where the price per visit is the amount received by the doctors for their services. In other words, the supply curve represents the marginal cost of producing additional doctor visits. The demand curve shows the number of doctor visits demanded by patients at each price, where the price per visit is the amount that the patients have to pay themselves. In other words, the demand curve represents the marginal benefit of consuming additional doctor visits. The efficient number of doctor visits in this economy is 375 visits per year, while the equilibrium price is $150 per visit. Points: 1 / 1 When you change the number of doctor visits in the white box, the value in the insurance payment box changes to reflect the amount that would make up the difference between what patients are willing to pay and what doctors charge at a given quantity. Now, suppose everyone in this economy gets health insurance that pays 80% of the price received by doctors. In this case, there would be 625 doctor visits demanded per year. Points: 1 / 1 The following graph shows the supply of and demand for x-rays in the economy. Drag the supply curve, the demand curve, or both to show the effect of the introduction of the health insurance plan on the market of x-rays. Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move the curve and it snaps back to its original position, just try again and drag it a little farther. Points: Which of the following is a consequence of the introduction of the health insurance plan? Check all that apply. The total medical costs in the economy decrease. The equilibrium price of x-rays rises, other things held constant. The equilibrium quantity of x-rays rises, other things held constant. The demand for doctor visits increases. Points: 1 / 1 Which of the following is a consequence of the introduction of the health insurance plan? Check all that apply. The total medical costs in the economy decrease. The demand for doctor visits increases. The equilibrium quantity of x-rays rises, other things held constant. The equilibrium price of x-rays rises, other things held constant. Points: 0.5 / 1 2. Why is medical care so expensive? The following graph shows the supply of and demand for doctor visits in a small economy. Assume that there are no externalities from the production or consumption of doctor visits. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Doctor Visits per Year 50 Patient Payment 240 Price Doctors Charge(Dollars per visit) 120 Insurance Payment 0 (Dollars per visit) The supply curve shows the number of doctor visits supplied at each price, where the price per visit is the amount received by the doctors for their services. In other words, the supply curve represents the marginal cost of producing additional doctor visits. The demand curve shows the number of doctor visits demanded by patients at each price, where the price per visit is the amount that the patients have to pay themselves. In other words, the demand curve represents the marginal benefit of consuming additional doctor visits. The efficient number of doctor visits in this economy is 75 visits per year, while the equilibrium price is $180 per visit. Points: 1 / 1 When you change the number of doctor visits in the white box, the value in the insurance payment box changes to reflect the amount that would make up the difference between what patients are willing to pay and what doctors charge at a given quantity. Now, suppose everyone in this economy gets health insurance that pays 80% of the price received by doctors. In this case, there would be 125 doctor visits demanded per year. Points: 1 / 1 The following graph shows the supply of and demand for x-rays in the economy. Drag the supply curve, the demand curve, or both to show the effect of the introduction of the health insurance plan on the market of x-rays. Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move the curve and it snaps back to its original position, just try again and drag it a little farther. Points: 1 / 1 Which of the following is a consequence of the introduction of the health insurance plan? Check all that apply. The demand for doctor visits increases. The total medical costs in the economy decrease. The equilibrium price of x-rays rises, other things held constant. The equilibrium quantity of x-rays rises, other things held constant. Points: 1 / 1 Close Explanation Explanation: Which of the following is a consequence of the introduction of the health insurance plan? Check all that apply. The equilibrium price of x-rays rises, other things held constant. The equilibrium quantity of x-rays rises, other things held constant. The total medical costs in the economy decrease. The demand for doctor visits increases. Points: 0.5 / 1 2. Why is medical care so expensive? The following graph shows the supply of and demand for doctor visits in a small economy. Assume that there are no externalities from the production or consumption of doctor visits. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. The supply curve shows the number of doctor visits supplied at each price, where the price per visit is the amount received by the doctors for their services. In other words, the supply curve represents the marginal cost of producing additional doctor visits. The demand curve shows the number of doctor visits demanded by patients at each price, where the price per visit is the amount that the patients have to pay themselves. In other words, the demand curve represents the marginal benefit of consuming additional doctor visits. The efficient number of doctor visits in this economy is 225 visits per year, while the equilibrium price is $180 per visit. Points: 1 / 1 When you change the number of doctor visits in the white box, the value in the insurance payment box changes to reflect the amount that would make up the difference between what patients are willing to pay and what doctors charge at a given quantity. Now, suppose everyone in this economy gets health insurance that pays 80% of the price received by doctors. In this case, there would be 375 doctor visits demanded per year. Points: 1 / 1 The following graph shows the supply of and demand for x-rays in the economy. Drag the supply curve, the demand curve, or both to show the effect of the introduction of the health insurance plan on the market of x-rays. Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move the curve and it snaps back to its original position, just try again and drag it a little farther. Which of the following is a consequence of the introduction of the health insurance plan? Check all that apply. The equilibrium price of x-rays rises, other things held constant. The total medical costs in the economy decrease. The equilibrium quantity of x-rays rises, other things held constant. The demand for doctor visits increases. Points: 0.25 / 1 quantity demanded of medical care and the demand for specific medical items increase. This leads to an increase in the total medical costs in the economy. 3. Medical markets and the right to sue Suppose that in a certain country called Litigia, patients cannot sue their medical insurance providers. Suppose that Litigia's government passes legislation that no longer protects medical insurance providers from lawsuits. Therefore, patients in Litigia are now able to sue their insurance providers. After the legislation is passed, what will happen to the price of medical insurance and the number of medical insurance policies sold? The price will increase, and the number of medical insurance policies sold will also increase. The price will decrease, and the number of medical insurance policies sold will also decrease. The price will increase, while the number of medical insurance policies sold will decrease. The price will decrease, while the number of medical insurance policies sold will increase. Points: 1 / 1 3. Medical markets and the right to sue Suppose that in a certain country called Lasoute, patients cannot sue their medical insurance providers. Suppose that Lasoute's government passes legislation that no longer protects medical insurance providers from lawsuits. Therefore, patients in Lasoute are now able to sue their insurance providers. After the legislation is passed, what will happen to the supply curve for medical insurance? We cannot tell from the information provided. It will remain unchanged. It will shift to the right. It will shift to the left. Points: 1 / 1 4. Should all professors be paid the same? The graphs here show the supply of and demand for assistant professors in history (left) and in accounting (right) for a hypothetical university. Use the graphs to help you answer the following questions The equilibrium wage of an assistant professor in history is $48,000 , and the equilibrium quantity is 28 assistant professors in history. On the other hand, the equilibrium wage of an assistant professor in accounting is $72,000 , and the equilibrium quantity is 16 assistant professors in accounting. Points: 1 / 1 Suppose the university sets the same wage for all assistant professors in each department. Fill in the following table with the quantity demanded and supplied for each type of assistant professor when the university sets the wage to $48,000 and $72,000, respectively. University Wage Assistant History Professors Assistant Accounting Professors (Dollars) Quantity Demanded Quantity Supplied Shortage or Surplus Quantity Demanded Quantity Supplied Shortage or Surplus 48,000 28 28 Neither • 24 8 Shortage • 72,000 7 49 Surplus • 16 16 Neither • Points: 1 / 1 In summary, if the university sets a wage of $48,000 for all assistant professors in every department, which is equivalent to a price ceiling for accounting professors, there will be 8 fewer assistant accounting professors hired by the university than there would be if the university paid assistant accounting professors their equilibrium wage. Similarly, if the university sets a wage of $72,000 for all assistant professors in every department, which is equivalent to a price floor for history professors, there will be 21 fewer assistant history professors hired by the university than there would be if the university paid assistant history professors their equilibrium wage. Points: 1 / 1 This example illustrates that paying all college professors the same salary when there are differences in demand and supply creates a shortage (excess demand) or a surplus (excess supply). 4. Should all professors be paid the same? The graphs here show the supply of and demand for assistant professors in art history (left) and in engineering (right) for a hypothetical university. Use the graphs to help you answer the following questions The equilibrium wage of an assistant professor in art history is $60,000 , and the equilibrium quantity is 20 assistant professors in art history. On the other hand, the equilibrium wage of an assistant professor in engineering is $90,000 , and the equilibrium quantity is 16 assistant professors in engineering. Points: 1 / 1 Suppose the university sets the same wage for all assistant professors in each department. Fill in the following table with the quantity demanded and supplied for each type of assistant professor when the university sets the wage to $60,000 and $90,000, respectively. University Wage Assistant Art history Professors Assistant Engineering Professors (Dollars) Quantity Demanded Quantity Supplied Shortage or Surplus Quantity Demanded Quantity Supplied Shortage or Surplus 60,000 20 20 Neither • 24 8 Shortage • 90,000 5 35 Surplus • 16 16 Neither • Points: 1 / 1 In summary, if the university sets a wage of $60,000 for all assistant professors in every department, which is equivalent to a price ceiling for engineering professors, there will be 8 fewer assistant engineering professors hired by the university than there would be if the university paid assistant engineering professors their equilibrium wage. Similarly, if the university sets a wage of $90,000 for all assistant professors in every department, which is equivalent to a price floor for art history professors, there will be 15 fewer assistant art history professors hired by the university than there would be if the university paid assistant art history professors their equilibrium wage. Points: 1 / 1 This example illustrates that paying all college professors the same salary when there are differences in demand and supply creates a shortage (excess demand) or a surplus (excess supply). 4. Should all professors be paid the same? The graphs here show the supply of and demand for assistant professors in music (left) and in engineering (right) for a hypothetical university. Use the graphs to help you answer the following questions. The equilibrium wage of an assistant professor in music is $60,000 , and the equilibrium quantity is 20 assistant professors in music. On the other hand, the equilibrium wage of an assistant professor in engineering is $90,000 , and the equilibrium quantity is 12 assistant professors in engineering. Points: 1 / 1 Suppose the university sets the same wage for all assistant professors in each department. Fill in the following table with the quantity demanded and supplied for each type of assistant professor when the university sets the wage to $60,000 and $90,000, respectively. University Wage Assistant Music Professors Assistant Engineering Professors (Dollars) Quantity Demanded Quantity Supplied Shortage or Surplus Quantity Demanded Quantity Supplied Shortage or Surplus 60,000 20 20 Neither • 18 6 Shortage • 90,000 5 35 Surplus • 12 12 Neither • Points: 1 / 1 In summary, if the university sets a wage of $60,000 for all assistant professors in every department, which is equivalent to a price ceiling for engineering professors, there will be 6 fewer assistant engineering professors hired by the university than there would be if the university paid assistant engineering professors their equilibrium wage. Similarly, if the university sets a wage of $90,000 for all assistant professors in every department, which is equivalent to a price floor for music professors, there will be 15 fewer assistant music professors hired by the university than there would be if the university paid assistant music professors their equilibrium wage. Points: 1 / 1 This example illustrates that paying all college professors the same salary when there are differences in demand and supply creates a shortage (excess demand) or a surplus (excess supply). 4. Should all professors be paid the same? The graphs here show the supply of and demand for assistant professors in history (left) and in biology (right) for a hypothetical university. Use the graphs to help you answer the following questions The equilibrium wage of an assistant professor in history is $48,000 , and the equilibrium quantity is 24 assistant professors in history. On the other hand, the equilibrium wage of an assistant professor in biology is $72,000 , and the equilibrium quantity is 12 assistant professors in biology. Points: 1 / 1 Suppose the university sets the same wage for all assistant professors in each department. Fill in the following table with the quantity demanded and supplied for each type of assistant professor when the university sets the wage to $48,000 and $72,000, respectively. University Wage Assistant History Professors Assistant Biology Professors (Dollars) Quantity Demanded Quantity Supplied Shortage or Surplus Quantity Demanded Quantity Supplied Shortage or Surplus 48,000 24 24 Neither • 18 6 Shortage • 72,000 6 42 Surplus • 12 12 Neither • Points: 1 / 1 In summary, if the university sets a wage of $48,000 for all assistant professors in every department, which is equivalent to a price ceiling for biology professors, there will be 6 fewer assistant biology professors hired by the university than there would be if the university paid assistant biology professors their equilibrium wage. Similarly, if the university sets a wage of $72,000 for all assistant professors in every department, which is equivalent to a price floor for history professors, there will be 18 fewer assistant history professors hired by the university than there would be if the university paid assistant history professors their equilibrium wage. Points: 1 / 1 This example illustrates that paying all college professors the same salary when there are differences in demand and supply creates a shortage (excess demand) or a surplus (excess supply). 5. College admissions Suppose the following graph shows the supply of and demand for admission to Duke University, where supply represents the number of student openings and demand represents the number of students who want to attend Duke (i.e., the number of student applications) at any given level of tuition. Use the graph to help you answer the questions that follow.Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move acurve and it snaps back to its original position, just try again and drag it a little farther The equilibrium level of tuition at Duke is $42,000 per academic year. If Duke sets its tuition at this price, the number of openings available will be equal to the number of student applications. Points: 1 / 1 Now suppose that the tuition for Duke is set at $28,000 by North Carolina's state assembly. At this level of tuition, the number of student applications will be greater than the number of openings available. Points: 1 / 1 Suppose that in its latest issue, a popular magazine publishes information about colleges in the United States. The magazine declares Duke to be America's worst party college (that is, the college with the lousiest party scene). Adjust the previous graph to show the effect this will have on the market for admission to Duke, assuming that college students like to party. The new equilibrium level of tuition at Duke is $14,000 per academic year. Points: 1 / 1 If the magazine declares Duke to be America's worst party college and the tuition for Duke is set at $28,000 by North Carolina's assembly, Duke will receive 4,000 fewer applications for admission than there are openings. Points: 0.5 / 1 5. College admissions Suppose the following graph shows the supply of and demand for admission to New York University, where supply represents the number of student openings and demand represents the number of students who want to attend NYU (i.e., the number of student applications) at any given level of tuition. Use the graph to help you answer the questions that follow. Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just try again and drag it a little farther The equilibrium level of tuition at NYU is $24,000 per academic year. If NYU sets its tuition at this price, the number of student applications will be equal to the number of openings available. Points: 1 / 1 state assembly. At this level of tuition, the number of openings available will be less than the number of student applications. Points: 1/ 1 Suppose that in its latest issue, a popular magazine publishes information about colleges in the United States. The magazine declares NYU to be America's best college. Adjust the previous graph to show the effect this will have on the market for admission to NYU. The new equilibrium level of tuition at NYU is $40,000 per academic year. Points: 1 / 1 If the magazine declares NYU to be America's best college and the tuition for NYU is set at $16,000 by New York's assembly, NYU will receive 9,000 more applications for admission than there are openings. Points: 1 / 1 5. College admissions Suppose the following graph shows the supply of and demand for admission to Duke University, where supply represents the number of student openings and demand represents the number of students who want to attend Duke (i.e., the number of student applications) at any given level of tuition. Use the graph to help you answer the questions that follow. Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just try again and drag it a little farther The equilibrium level of tuition at Duke is $36,000 per academic year. If Duke sets its tuition at this price, the number of student applications will be equal to the number of openings available. Points: 1 / 1 state assembly. At this level of tuition, the number of openings available will be less than the number of student applications. Points: 1 / 1 Suppose that in its latest issue, a popular magazine publishes information about colleges in the United States. The magazine declares Duke to be America's best college. Adjust the previous graph to show the effect this will have on the market for admission to Duke. The new equilibrium level of tuition at Duke is $60,000 per academic year. Points: 0 / 1 If the magazine declares Duke to be America's best college and the tuition for Duke is set at $24,000 by North Carolina's assembly, Duke will receive 12,000 more applications for admission than there are openings. Points: 1 / 1 5. College admissions Suppose the following graph shows the supply of and demand for admission to the University of California, Berkeley, where supply represents the number of student openings and demand represents the number of students who want to attend Berkeley (i.e., the number of student applications) at any given level of tuition. Use the graph to help you answer the questions that follow. Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just try again and drag it a little farther. Points: 1 / 1 The equilibrium level of tuition at Berkeley is $36,000 per academic year. If Berkeley sets its tuition at this price, the number of student applications will be equal to the number of openings available. Points: 1 / 1 Now suppose that the tuition for Berkeley is set at $24,000 by California's state assembly. At this level of tuition, the number of student applications will be greater than the number of openings available. Points: 1 / 1 Suppose that in its latest issue, a popular magazine publishes information about colleges in the United States. The magazine declares Berkeley to be America's best college. Adjust the previous graph to show the effect this will have on the market for admission to Berkeley. The new equilibrium level of tuition at Berkeley is $60,000 per academic year. Points: 1 / 1 Close Explanation If the magazine declares Berkeley to be America's best college and the tuition for Berkeley is set at $24,000 by California's assembly, Berkeley will receive 12,000 more applications for admission than there are openings. Points: 1 / 1 Close Explanation Explanation: The positive publicity will increase the number of student applications Berkeley receives at every given level of tuition. Therefore, the demand for admission will shift to the right. If tuition is set at $24,000, Berkeley will receive 24,000 student applications, but it has 12,000 openings. Therefore, there will be a shortage of 12,000 openings. 6. The market for college athletes Suppose that Rosa, an excellent high school basketball player, is being recruited by the University of California, Berkeley (that is, Berkeley is the consumer in this example). NCAA rules prevent universities from compensating student athletes more than the full cost of tuition. Assume that recruiting for college athletes is organized under a perfectly competitive Again, the following graph shows the supply of and demand for Rosa's athletic services. Suppose that the NCAA revokes its rule, so universities can pay student athletes any wage with no limitations. Use the black point to indicate the wage the University of California, Berkeley will pay Rosa under these conditions. Finally, shade Berkeley's consumers’ surplus using the green point (triangle symbol). Then shade Rosa's total wage revenue using the purple point (diamond symbol). : When the NCAA revokes its rule about student athlete wages, the wage Rosa receives increases and Berkeley's consumers’ surplus decreases . Points: 0.5 / 1 6. The market for college athletes Suppose that Clancy, an excellent high school basketball player, is being recruited by New York University (that is, NYU is the consumer in this example). NCAA rules prevent universities from compensating student athletes more than the full cost of tuition. Assume that recruiting for college athletes is organized under a perfectly competitive environment. The following graph shows the supply of and demand for Clancy's athletic services. Suppose that NYU's annual tuition is $36,000 (the amount of scholarship money, or the "wage," Clancy receives in exchange for playing at NYU). Shade the area representing NYU's consumers’ surplus using the green point (triangle symbol). Then shade the area representing Clancy's total wage revenue using the purple point (diamond symbol). Points: 1 / 1 Close Explanation Again, the following graph shows the supply of and demand for Clancy's athletic services. Suppose that the NCAA revokes its rule, so universities can pay student athletes any wage with no limitations. Use the black point to indicate the wage New York University will pay Clancy under these conditions. Finally, shade NYU's consumers’ surplus using the green point (triangle symbol). Then shade Clancy's total wage revenue using the purple point (diamond symbol). Points: 1 / 1 When the NCAA revokes its rule about student athlete wages, NYU's consumers’ surplus decreases and the wage Clancy receives increases 6. The market for college athletes • Suppose that Bette, an excellent high school basketball player, is being recruited by Duke University (that is, Duke is the consumer in this example). NCAA rules prevent universities from compensating student athletes more than the full cost of tuition. Assume that recruiting for college athletes is organized under a perfectly competitive environment. • The following graph shows the supply of and demand for Bette's athletic services. Suppose that Duke's annual tuition is $28,000 (the amount of scholarship money, or the "wage," Bette receives in exchange for playing at Duke). Shade the area representing Duke's consumers’ surplus using the green point (triangle symbol). Then shade the area representing Bette's total wage revenue using the purple point (diamond symbol). Again, the following graph shows the supply of and demand for Bette's athletic services. Suppose that the NCAA revokes its rule, so universities can pay student athletes any wage with no limitations. Use the black point to indicate the wage Duke University will pay Bette under these conditions. Finally, shade Duke's consumers’ surplus using the green point (triangle symbol). Then shade Bette's total wage revenue using the purple point (diamond symbol). When the NCAA revokes its rule about student athlete wages, the wage Bette receives increases and Duke's consumers’ surplus decreases . Points: 1 / 1 Close Explanation 7. Sports events and advertising You are a producer at a sports network. Unfortunately, your station was not granted the rights to broadcast the World Series this year. You believe that many people will watch the World Series. Therefore, you might choose to air blackjack rather than your normal coverage because the demand for your typical coverage (such as boxing, basketball, and tennis) has dramatically decreased , and the price you expect to charge for advertising during blackjack is lower than your average advertising charge. Points: 1 / 1 7. Sports events and advertising You are a producer at a sports network. Unfortunately, your station was not granted the rights to broadcast the World Series this year. You believe that many people will watch the World Series. Therefore, you might choose to air blackjack rather than your normal coverage because the demand for your typical coverage (such as boxing, basketball, and tennis) has dramatically decreased , and the price you expect to charge for advertising during blackjack is lower than your average advertising charge. Points: 1 / 1 7. Sports events and advertising You are the managing director for a new product you are trying to launch. You just found out which network is going to be airing the World Cup next week. You believe that many people will watch the World Cup. Therefore, the network airing the World Cup faces a higher demand for airtime for commercials during the World Cup than on an average day, which explains why the price of a 30-second spot during the World Cup is so high . Points: 1 / 1 8. The market for marijuana Currently, it is illegal either to consume or to produce marijuana in the United States. The following graph shows the supply and demand for marijuana in the United States. Suppose the U.S. government decides to legalize marijuana. Adjust the curves on the graph to show the effect of legalizing marijuana. Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move the curve and it snaps back to its original position, just try again and drag it a little farther Points: 1 / 1 Close Explanation : According to the graph, if marijuana is legalized, then the equilibrium price of marijuana will decrease , and the equilibrium quantity of marijuana will increase 8. The market for marijuana Currently, it is illegal either to consume or to produce marijuana in the United States. The following graph shows the supply and demand for marijuana in the United States. Suppose the U.S. government decides to legalize marijuana. Adjust the curves on the graph to show the effect of legalizing marijuana. Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move the curve and it snaps back to its original position, just try again and drag it a little farther According to the graph, if marijuana is legalized, then the equilibrium price of marijuana will increase , and the equilibrium quantity of marijuana will increase . Points: 1 / 1 8. The market for marijuana Currently, it is illegal either to consume or to produce marijuana in the United States. The following graph shows the supply and demand for marijuana in the United States. Suppose the U.S. government decides to legalize marijuana. Adjust the curves on the graph to show the effect of legalizing marijuana. Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move the curve and it snaps back to its original position, just try again and drag it a little farther. Points: 1 / 1 According to the graph, if marijuana is legalized, then the equilibrium price of marijuana will remain unchanged , and the equilibrium quantity of marijuana will increase . Points: 1 / 1 8. The market for marijuana Currently, it is illegal either to consume or to produce marijuana in the United States. The following graph shows the supply and demand for marijuana in the United States. Suppose the U.S. government decides to legalize marijuana. Adjust the curves on the graph to show the effect of legalizing marijuana. Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move the curve and it snaps back to its original position, just try again and drag it a little farther According to the graph, if marijuana is legalized, then the equilibrium price of marijuana will increase , and the equilibrium quantity of marijuana will increase . Points: 1 / 1 8. The market for marijuana Currently, it is illegal either to consume or to produce marijuana in the United States. The following graph shows the supply and demand for marijuana in the United States. Suppose the U.S. government decides to legalize marijuana. Adjust the curves on the graph to show the effect of legalizing marijuana. Tool tip: Click and drag one or both of the curves. Curves will snap into position, so if you try to move the curve and it snaps back to its original position, just try again and drag it a little farther. According to the graph, if marijuana is legalized, then the equilibrium price of marijuana will remain unchanged , and the equilibrium quantity of marijuana will increase . Points: 1 / 1 Close Explanation [Show More]

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Test Bank for Strategic Management Concepts and Cases Competitiveness and Globalization 9th Edition by Hitt

Test Bank for Strategic Management Concepts and Cases Competitiveness and Globalization 9th Edition. Questions and answers

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 *NURSING> EXAM > ATI MENTAL HEALTH PROCTORED EXAM 2019 RETAKE GUIDE (All)

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ATI MENTAL HEALTH PROCTORED EXAM 2019 RETAKE GUIDE

1. A nurse is planning care for a client who has borderline personality disorder who self-mutilates. Which of the following test approaches should the nurse plan to take? a. Restrict participation in...

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 *NURSING> EXAM > Ati Pharmacology Proctored Exam 2019 - Study Guide (All)

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Ati Pharmacology Proctored Exam 2019 - Study Guide

Ati Pharmacology Proctored Assessment Exam 2019 A patient newly diagnosed with hypothyroidism is prescribed Levothyroxine (Synthroid) 0.25 mg PO daily. After 6 weeks of treatment the nurse dtermines t...

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 *NURSING> EXAM > ATI Med-Surg Proctored Exam 2019 (Complete Version) Latest Updated Solution (All)

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ATI Med-Surg Proctored Exam 2019 (Complete Version) Latest Updated Solution

ATI Med-Surg Proctored Exam A nurse is assisting with the care of a client who has a femur fracture and is in skeletal traction. Which of the following actions should the nurse take? A nurse in a pr o...

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