HW2KBene.docx - Kirstie Bene CRN 40203 Homework 2 Chapter 3...

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Kirstie Bene CRN: 40203 Homework 2 Chapter 3 Q&P 13.23 (pg. 100-101) 13. If marijuana were to be legalized, the production, sales, usage and demand would rise, while the equilibrium price would be lowered. 23. a. equilibrium price rises and quantity rises b. equilibrium price falls and quantity falls c. equilibrium price falls and quantity rises d. equilibrium price rises and quantity falls e. equilibrium price rises and quantity is unchanged f. equilibrium price falls quantity in unchanged g. equilibrium price falls quantity rises h. equilibrium price rises quantity rises i. equilibrium price falls quantity rises j. equilibrium price falls quantity falls k. equilibrium price rises quantity falls
Chapter 4 Q&P 9. (pg. 122) 9. Price ceiling is, a government-mandated maximum price above which legal trades cannot be made. Price floor is, a government-mandated minimum price below which legal trades cannot be made. Both price ceiling and price floor lead to have fewer exchanges then what would occur at the equilibrium price.

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