If a manager multiplies the quantity sold by the price paid for each unit, the manager calculates:
A. total profit.
B. total revenue.
C. total cost.
D. total benefit.
B. total revenue.
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Consider a $4 excise tax that has been levied on suppliers of automobile tires. Legislators, in the interest of fairness, change the law so that the tax is evenly split between suppliers and demanders, with each group legally required to pay $2 per tire. In this situation, we can predict that
a. suppliers will be made better off and demanders will be made worse off. b. the change will have no economic effect on suppliers and demanders. c. demanders will "pass back" their share of the tax to the suppliers, so that suppliers continue to pay $4 per tire. d. the economic incidence of the tax will be evenly split between suppliers and demanders.
Fiscal policy refers to changes in
A) the money supply and interest rates that are intended to achieve macroeconomic policy objectives. B) federal taxes and purchases that are intended to fund the war on terrorism. C) state and local taxes and purchases that are intended to achieve macroeconomic policy objectives. D) federal taxes and purchases that are intended to achieve macroeconomic policy objectives.
The threat of punishment in a repeated game tends to:
A. reduce the incentive to break a pricing agreement. B. anger the other firms, resulting in a price war. C. maintain prices at the duopoly price level. D. deter entry.
Utility is maximized when the chosen bundle of goods satisfies the equimarginal rule and when the chosen bundle is on the budget line.
Answer the following statement true (T) or false (F)