Refer to Scenario 19.3 below to answer the question(s) that follow. SCENARIO 19.3: Suppose demand for widgets is given by the equation P = 20 - 0.5Q. Originally, the price of the good is $10 per unit. When a tax of $2 per unit is imposed, the price of the good rises to $12 per unit.Refer to Scenario 19.3. How much total tax revenue is raised by the tax?
A. $2
B. $20
C. $32
D. $40
Answer: C
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When the price of one good changes, while the prices of all others stay the same:
A. the change in relative prices is reflected in a change in the slope of the budget constraint. B. the change in relative prices can be thought of as a change in the opportunity costs of each good. C. the change in relative prices is reflected in a change in the marginal utility per dollar spent on each good. D. All of these statements are true.
Fallacy of composition
What will be an ideal response?
The table below shows how the total cost of producing pottery vases varies with the number produced per day. The vases are sold in a perfectly competitive market, and the current equilibrium price is $50.
a. 4 vases per day. b. 2 vases per day. c. 5 vases per day. d. 3 vases per day. e. 1 vase per day.
Refer to the information provided in Figure 8.4 below to answer the question(s) that follow. 
Figure 8.4 Refer to Figure 8.4. If twelve microwave ovens are produced, Micro Oven's total fixed costs are
A. $25. B. $41.67. C. $50. D. $300.