When the price of a good increase, it undoubtedly hurts individual consumers, since they now have to pay more for a particular good. However, there are some cases in which a price increase can actually serve the public interest.
Which of the following is an example of a price increase that serves the public interest? Check all that apply.
a-The entrance price of national parks is increased in an effort to reduce congestion and pollution.
b-The Pentagon pays $435 for a hammer because of a bureaucratic procurement process.
c_Depletion of oil resources causes the price of gas to increase, reducing the consumption of gasoline.
The following is an example of a price increase that serves the public interest-
a-The entrance price of national parks is increased in an effort to reduce congestion and pollution.
c-Depletion of oil resources causes the price of gas to increase, reducing the consumption of gasoline.
When the price of a good increase, it undoubtedly hurts individual consumers, since they now have to pay more for a part...