Refer to the figure above. The consumer surplus before the tax is imposed is given by the area ________
A) BCJ
B) BAH
C) CAE
D) JBHF
C
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When a simple monopolist chooses to sell an additional unit of a good or service
a. marginal revenue will be equal to the going market price. b. marginal revenue will always be negative. c. it will only have to lower its price on the additional unit. d. it will have to lower its price on the additional unit and on all other units.
In his 1951 book, Social Choice and Individual Values, Kenneth Arrow defined a "perfect" voting system. That system includes which of the following features?
a. unanimity b. transitivity c. absence of a dictator d. All of the above are correct.
If MV rises from 180 to 270,
A. PQ will fall by 50%. B. PQ will stay the same. C. PQ will rise by 50%. D. PQ will rise by 100%.
Takumi decides to hold on to his money instead of putting it in an interest-bearing savings account. Which of the following most likely caused him to do this?
a. Interest rates dropped. b. Interest rates soared. c. The bank eliminated penalties for early withdrawals. d. The banks opened a more convenient branch.