If demand is more elastic, the portion of an excise tax borne by a buyer will
A. increase.
B. decrease.
C. be unchanged.
D. increase for normal goods, decrease for inferior goods.
Answer: B
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A single-price monopolist will produce the output at which ________
A) marginal revenue equals marginal cost B) demand is perfectly inelastic C) marginal revenue is zero D) demand is inelastic but not perfectly inelastic
Economist Robert Fogel has estimated that by the year 2040, individuals in the United States will be spending
A) more time in the workforce and more time in leisure activities than they do today. B) less time in the workforce and less time in leisure activities than they do today. C) more time in the workforce and less time in leisure activities than they do today. D) less time in the workforce and more time in leisure activities than they do today.
Refer to Figure 24-4. Given the economy is at point A in year 1, what will happen to the unemployment rate in year 2?
A) It will rise. B) It will remain constant. C) It will fall. D) not enough information to answer the question
A dominant firm's residual demand curve is
A) the horizontal difference between the market demand curve and the supply curve of the fringe firms. B) the vertical difference between the market demand curve and the supply curve of the fringe firms. C) the demand curve left for the fringe firms after the dominant firm has determined an output level. D) None of the above.