A tax imposed on the sellers of a good will raise the
a. price paid by buyers and lower the equilibrium quantity.
b. price paid by buyers and raise the equilibrium quantity.
c. effective price received by sellers and lower the equilibrium quantity.
d. effective price received by sellers and raise the equilibrium quantity.
a
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If the insurance company can correctly anticipate the adverse selection,
a. Only Samantha would buy insurance b. Only Nadia would buy the insurance c. Both of them would buy the insurance d. Neither of them would buy the insurance
Assume the United States can use a given amount of its resources to produce either 20 airplanes or 8 automobiles and Japan can employ the same amount of its resources to produce either 20 airplanes or 10 automobiles. The U.S. should specialize in:
a. airplanes. b. automobiles. c. both goods. d. neither good.
The implicit cost of ownership:
A. is the monetary opportunity cost that is often overlooked. B. is a cognitive bias. C. is an unproven concept. D. All of these are true.
If a firm's total fixed costs are $30, the firm's marginal cost of producing the first unit of output is $30, and the average total cost of producing two units of output is $42, the marginal cost of the second unit of output is:
A. $84. B. $54. C. $42. D. $24.