Which of the following would result in an increase in both the equilibrium price and quantity for a normal good?
Price of a substitute good decreases
Price of a complementary good decreases
The government sets a price floor above the current market price
A new subsidy for production of the good comes into effect
Which of the following examples of external costs/benefits might lead to a monopoly?
A person getting on the freeway at rush hour increases delay for all drivers behind them
Keeping your house and yard clean and maintained increases home values for those around you
An individual who buys a particular software package increases the usefulness of that software for all other existing users
Bees raised for their honey help to pollinate surrounding crops