The above figure shows the market for buckets of golf balls at the driving range. A new leisure time tax is placed on suppliers in this market, shifting the supply curve from S0 to S1
The quantity of buckets without the tax is ________ and the quantity with the tax is ________. A) 400; 600
B) 600; 400
C) 400; 400
D) 800; 500
E) 600; 500
B
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Use the table below to answer the following question.UnitsMaximum Willingness to PayMarket Price1$14$821283108488568648What is the value of consumer surplus in the table above?
A. $12 B. $6 C. $44 D. $54
Which of the following countries are net lenders?
I. Japan II. United States A) I only B) II only C) both I and II D) neither I nor II
The possibility that the economy may benefit from having market power, rather than being very competitive, is closely identified with which famous economist?
A) Arnold Harberger B) Donald Turner C) Joseph Schumpeter D) Sergey Brin
Opportunity cost is
A) the combined value of all the alternatives not selected. B) the same thing as the money price of a good. C) the value of the next best alternative which was given up. D) based on the intrinsic value of the good itself.