In most countries in South America, the legal driving age is 18.
If the legal driving age in the United States was raised from 16 to 18, how would this affect the market for new and used automobiles? What would happen to the equilibrium price and quantity of new and used automobiles?
Question 2
Veruca sells therapeutic bath salts on the Internet. Her annual revenue is 52,000 per year, the explicit costs of her business are 14,000, and the opportunity costs of her business are 17,000 per year. What is her economic profit?
A) 14,000 B) 21,000 C) 31,000 D) 38,000
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