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In John Stossel's article, "In Praise of Price Gouging", Stossel argues that a law banning price gouging would result in a two-block line for gasoline after Superstorm Sandy.
a. Explain in words and using a graph why the ban on price gouging may cause a long line for gasoline. Label the axis and all the lines. Be precise.
b. Has supply changed, demand changed, or both? Explain.
c. Using two graphs, show consumer surplus before and after government intervention. Be precise. Label the axis and all the lines.
Implications for the Role of Economic Theory : Like the schedule for the marginal efficiency of capital, expectations about the future market rate of interest underlie the li
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How many half-lives are required for the concentration of reactant to decrease to 1.56% of its original value?
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