The graph shown demonstrates a tax on buyers. What is the amount of tax revenue being generated from the tax?
A. $72
B. $36
C. $48
D. $96
A. $72
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In the figure above, an
A) efficient output results, but the firm incurs a loss per household which must be subsidized in some way. B) inefficient output results, though the firm covers its costs. C) efficient output results, though marginal costs exceed average total costs. D) inefficient output results because the firm cannot cover its costs. E) efficient output results because consumer surplus is maximized.
A perfectly competitive firm with a random demand has an expected marginal revenue that is ________ its expected price.
A) greater than B) exactly double C) less than D) equal to
If a shift in SRAS results from gains in productivity growth, the effect will be
a. relatively small over a few months or even a couple of years. b. relatively large over a few months or even a couple of years. c. relatively small over a few months but larger over a couple of years. d. relatively large over a few months but smaller over a couple of years.
Define the following terms and explain their importance to the study of economics
a. greenhouse gases b. externality c. emissions permits d. known reserves