The amount of a tax paid by the sellers will be larger the more ________ the demand and the more ________ the supply
A) elastic; inelastic
B) inelastic; elastic
C) inelastic; inelastic
D) elastic; elastic
A
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Which of the following scenarios could be an example of increasing marginal utility?
A. A father buying three game CDs for his son. B. A shopkeeper selling the tenth pound of hamburger. C. A stamp collector purchasing an additional stamp for collection. D. A consumer buying an additional unit of apple.
The figure above shows the market for milk in Cowland. A subsidy paid to producers of $1 per gallon of milk is introduced. If there are no external costs and no external benefits, the marginal benefit of the last gallon of milk consumed is
A) $3.50 a gallon. B) $4.00 a gallon. C) $4.50 a gallon. D) $5.00 a gallon.
Command-and-control policies lead to higher prices for consumers than pollution taxes do.
Answer the following statement true (T) or false (F)
Explain how you can calculate average physical product and marginal physical product from information on total physical product and variable input
What will be an ideal response?