Government policies like “drug busts” that reduce the supply of illegal drugs:  (Hint: The demand for illegal drugs is very inelastic.)

Redistributing wealth from the rich to the poor could result in greater overall happiness if diminishing marginal utility of income exists.

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Minimum wage laws are likely to: Answer  

A church is an example of a public good.

Which of the following goods should best not be characterized as a public good?

If the market for wheat is experiencing a surplus, you should predict that:

Suppose in Town A, the government gets rid of its parking meters and declares that all street parking must be free. Suppose in an otherwise identical Town B, parking costs $10 per hour. Where will it be more difficult to find parking and which town will higher income folks tend to shop?

In the “circular flow model”, households:

The opportunity cost of going to the movies is equal to the price of the movie ticket.