The imposition of a unit excise tax on red wine will
A. lower equilibrium quantity and raise equilibrium price in the market.
B. increase equilibrium quantity and price in the market.
C. lower equilibrium price and quantity in the market.
D. raise equilibrium quantity and lower equilibrium price in the market.
Answer: A
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The income elasticity of demand is
A) positive for a normal good. B) zero for an inferior good. C) less than one for an income elastic normal good. D) Only answers A and B are correct. E) Answers A, B, and C are correct.
Who among the following exercises a right to pollute?
A) A cigarette smoker B) An automobile driver C) An owner of a coal-fired electrical utility D) A user of household sprays E) All of the above.
Refer to Figure 1-1. Using the information in the figure above, calculate the percentage change in sales of alcoholic beverages between 2013 and 2016
A) 23.1% B) 23.8% C) 30% D) 42.9%
(1)(2)(3)(4)(5)QdQdPriceQsQs5040$1070806050960708060850609070740501008063040Refer to the above table. If demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5), equilibrium price and quantity will be:
A. $10 and 60 units. B. $8 and 60 units. C. $7 and 50 units. D. $9 and 50 units.