Identify one technological innovation that we have discussed in class, that has had a major impact on art history. 1. Identify a technological or material innovation that had a major impact on art. 2. Choose an art piece from the course lectures to demonstrate the impact of this advancement on art.

The outcome in a market for information.

What happens to the price of peanut butter if the Federal government decides to limit the number of acres that can be planted in peanuts?

The outcome in a market where a transactions tax is collected from demanders.

Suppose that in an effort to keep prices of gasoline low for consumers, a government imposes and vigorously enforces a price ceiling on the retail price of gasoline. The government allocates the gasoline with a lottery (a buyer has to present a winning lottery ticket to buy gasoline), but does not penalize in any way the resale of lottery tickets by lottery winners. Given this scenario, which of the following statements is true?

Consider a market for something called savings. Demanders are people with money who want savings; suppliers are people who have savings who want money. Call the market price r (the interest rate). Suppose that demanders want savings so that when they retire they will be able to “eat, drink and be merry.” The government comes along with a program that gives people money when they retire (call the program Social Security), thereby enabling them to “eat, drink and be merry” without any savings. As a consequence,  ________.

Suppose that all farmers rent the land they farm from non-farmers (the landlords). Suppose, further, that the amount of land being cultivated cannot change. Finally, suppose that subsidies tied to production of agricultural products are provided to farmers by the US Congress. Given this scenario, which of the following statements is true?

The outcome in a market where a firm has market power and the government bans entry.

The outcome in a market where a transactions tax is split, with half collected from suppliers and half collected from demanders.

The outcome in a market where the government announces that if you enter, you cannot exit. (That is, potential entrants understand that the government bans exit even when it would be economically sensible to exit were a firm to be in the market).