Figure 4-21
Refer to . The price received by sellers after the tax is imposed is
a.
$18.
b.
$14.
c.
$12.
d.
$8.
d
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Refer to Figure 3-6. The figure above represents the market for canvas tote bags. Compare the conditions in the market when the price is $50 and when the price is $35. Which of the following describes how the market differs at these prices?
A) The difference between quantity supplied and quantity demanded is greater at $50 than at $35. B) At each price there is a surplus; firms will lower the equilibrium price in order to eliminate the surplus. C) At each price the supply of tote bags exceeds that demand for tote bags. D) At each price there is a surplus; the surplus is greater at $35 than at $50.
Assume that you have won a prize of $10,000. Make a list of how you would spend and save the money, from most important to least important.
What will be an ideal response?
The distribution of income in a market economy is determined by the minimum wage laws
a. True b. False Indicate whether the statement is true or false
A factor critical to economic growth is
A. increased saving rates. B. increases in human consumption. C. reduced dependence on imports. D. technological change that increases labor productivity.