Question

1. If the government places extensive new regulations on natural gas and oil production, what will...

1. If the government places extensive new regulations on natural gas and oil production, what will happen to the price of these commodities in the short run? What will happen to consumer demand for these products in the long run?
2. Assume the 76ers will the NBA Championship. What is likely to happen to ticket prices next season? What is likely to happen to players salaries as they are renegotiated?

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

  1. WIth the government placing extensive new regulations on natural gas and oil production will lead to a fall in the supply. This in short run will lead to increase in the price of oil and natural gas production. In the long run the consumer will react by moving to cheaper substitutes thus the demand for oil and natural gas will fall. Thus, in the long run the price will return to its original level.

*We are supposed to do only one question. Please post unrelated question separately.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
An economy begins in long-run equilibrium, and then a change in government regulations makes holding money...
An economy begins in long-run equilibrium, and then a change in government regulations makes holding money less attractive. How does this change affect the demand for money? What happens to the velocity of money? If the Fed keeps the money supply constant, what will happen to output and prices in the short run and in the long run? If the goal of the Fed is to stabilize the price level, should the Fed keep the money supply constant in response...
Nine multiple-choice questions, thanks. 1.Many homeowners have a choice between heating oil and natural gas to...
Nine multiple-choice questions, thanks. 1.Many homeowners have a choice between heating oil and natural gas to heat their houses in winter. Which of the following is most likely to increase the price of natural gas? A) An increased preference for solar-powered heating B) A fall in the price of heating oil C) The discovery of a new source of natural gas D) An unusually severe winter 2.Which is NOT a predictable result of making a market (such as for marijuana)...
Nealon Energy Corporation engages in the​ acquisition, exploration,​ development, and production of natural gas and oil...
Nealon Energy Corporation engages in the​ acquisition, exploration,​ development, and production of natural gas and oil in the continental United States. The company has grown rapidly over the last 5 years as it has expanded into horizontal drilling techniques for the development of the massive deposits of both gas and oil in shale formations. The​ company's operations in the Haynesville shale​ (located in northwest​ Louisiana) have been so significant that it needs to construct a natural gas gathering and processing...
1. When total revenue is less than variable costs in the short run, what will a...
1. When total revenue is less than variable costs in the short run, what will a firm in a competitive market do? Select one: a. It will continue to operate as long as average revenue exceeds marginal cost. b. It will shut down. c. It will continue to operate as long as average revenue exceeds average fixed cost. d. It will always exit the industry. 2. Consider a monopoly that is able to practice perfect price discrimination. Which of the...
QUESTION 1 In a constant-cost industry where firms have identical cost, what will happen to the...
QUESTION 1 In a constant-cost industry where firms have identical cost, what will happen to the profit of the firms in the long run? Some firms will make positive economic profit, while some firms will make zero economic profit. All firms will be making zero economic profit. Only firms with positive economic profit will stay in the industry, because firms with negative or zero economic profit will exit the industry. Firms can be making positive, zero, or negative economic profit....
Principles of Macroeconomics Q.1 In the short run, firms expand their production when the price level...
Principles of Macroeconomics Q.1 In the short run, firms expand their production when the price level rises because A.the higher prices allow the firm to hire more workers by offering higher wages, thereby increasing productivity and profits. B. each firm must keep its production up to the level of its rivals, and some firms will expand production as the price level increases. C.firms can increase their profits by increasing their maintenance. D.the money wage rate remains constant so the higher...
1) If the Federal Reserve conducts an open market purchase, we can expect that the short-run...
1) If the Federal Reserve conducts an open market purchase, we can expect that the short-run Phillips curve will shift left. the short-run Phillips curve will shift right. t here will be a movement to the right along the short-run Phillips curve. there will be a movement to the left along the short-run Phillips curve. the long-run Phillips curve will shift right. 2) In the long run, the Phillips Curve shows that the natural rate of unemployment is independent of...
CASE #1: COCA COLA The Coca-Cola company started 110 years ago as a small, insignificant one...
CASE #1: COCA COLA The Coca-Cola company started 110 years ago as a small, insignificant one man business. Since then, it has grown into one of the largest companies in the world. The first chairman of the company was Dr. John Pemberton and the current chairman is Muhtar Kent. The demand for this product has made this company into a 50 billion dollar business. Coca-Cola was invented by Dr. John Pemberton, an Atlanta pharmacist. He concocted the formula in a...
Fueling Indonesians: Window of Opportunity or Regret? Kerosene is widely used as cooking fuel by Indonesian...
Fueling Indonesians: Window of Opportunity or Regret? Kerosene is widely used as cooking fuel by Indonesian households, with an annual usage of 10 million Kiloliters. It is a major subsidized fuel for household cooking, where its usage is over sixty percent of the 230 million population. The subsidy program costs the government heavily, where it amounts up to U.S.$4 billion a year. As the practice tends to bleed government expenditures quite heavily, the Indonesian government is embarking on a change...
Please Check the wrong ones! 1. Which of the following best describes scarce resources? a. Resources...
Please Check the wrong ones! 1. Which of the following best describes scarce resources? a. Resources for which the quantity that people want exceeds the quantity that is freely available b. Resources that most people cannot afford to buy c. Resources for which the quantity demanded is the same for all economic agents d. Resources that can only be distributed efficiently by the government 2. Which of the following statements is true of models? a. It is more important for...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT