In the above figure, a sales tax of $1 per unit imposed on sellers shifts the
A) demand curve rightward.
B) supply curve leftward.
C) demand curve leftward.
D) supply curve rightward.
B
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In 1970, Professor Plum earned $12,000; in 1980, he earned $24,000; and in 1990, he earned $36,000 . If the CPI was 40 in 1970, 60 in 1980, and 100 in 1990, then in real terms, Professor Plum's salary was highest in
a. 1980 and lowest in 1970. b. 1980 and lowest in 1990. c. 1990 and lowest in 1970. d. 1990 and lowest in 1980.
Refer to Figure 2.2. Which diagram represents the effect of a lower gasoline price on the supply of gasoline?
A. A
B. B
C. C
D. D
In the long run if the price is below average total cost, the firm will
A. go out of business. B. stay in business. C. temporarily shut down. D. None of the choices are correct.
Recall the Application about low-price guarantees and the prices of tires to answer the following question(s).Recall the Application. From a pricing standpoint, low-price guarantees seem to benefit:
A. the buyer. B. the seller. C. both the buyer and the seller. D. neither the buyer nor the seller.