When the price of the good is fixed at a level below the current (equilibrium) price, there will be a shortage of the good and the good will have to be effectively rationed. As in the question above, the consumer is worse off because she is not able to attain her utility maximizing point.
Answer:
(A) Because the regulation effectively reduced the price of cool air, consumers with sufficiently elastic demand might have bought substantially more of it.
Explanation:
If the demand for energy services remains constant, improving energy efficiency will reduce energy consumption and carbon emissions. However, many efficiency improvements do not reduce energy consumption by the amount provided by simple engineering models. This is because they make energy services cheaper and therefore increases the consumption of those services.
For example, since low-fuel vehicles make travel cheaper, consumers can choose to drive further, thus offsetting some of the possible energy savings. Similarly, an extensive historical analysis of improvements in technological efficiency has conclusively demonstrated that improvements in energy efficiency were almost always overcome by economic growth, which resulted in a net increase in resource use and associated contamination.
Answer:
Christy's demand for blackberries is elastic.
Explanation:
Christy purchases blueberries, blackberries, and strawberries. When the price of blackberries rises to a small extent, Christy will instead purchase strawberries or blueberries.
This shows that the demand for blackberries is elastic. Elastic demand refers to the situation when a small change in price causes the quantity demanded to change to a great extent.
The increase in transactions caused by inflation is the correct response when it comes to the shoe leather cost effect on inflation. Therefore, choice 3 is right.
<h3>What is the cost of shoe leather?</h3>
When there is significant inflation, the shoe leather cost refers to the time and effort people spend holding less cash in order to lower the inflation tax they must pay on their cash holdings.
The extra time and convenience that must be given up to keep less money on hand than would be necessary if there were less or no inflation is a substantial cost of reducing money holdings.
In light of the cost effect of inflation on shoe leather, option 3 is thus right.
Learn more about shoe-leather costs:
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Answer:
anticipatory repudiation.
Explanation:
Anticipatory repudiation refers to a party involved in a contract breaching the contract in advance. Through the use of anticipatory repudiation, the party that is breaching the contract declares that they are not going to perform their obligations.
In order to reduce possible damages and avoid potential losses, the party that breaches the contract has to act as quickly as they can so that the other party suffers the least possible damage or suffers the least possible losses. But still, the other party can sue for the breach of the contract and for any potential damages originated by the contract breaching.
