Consider a country that initially does not interfere with imports of a given good. If the government then imposes a tariff on that good, the supply curve
a. shifts downward.
b. remains unchanged.
c. slopes upward less steeply.
d. shifts upward.
d. shifts upward.
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The illegality of organ sales from willing donors to willing recipients is ineffective because:
a. It encourages organ sales b. It discourages wealth creating transactions through the threat of heavy penalty c. It encourages government intervention d. None of the above
A company draws its total cost curve and total revenue curve on the same graph. If the firm wishes to maximize profits, it will select the output at which the
a. vertical distance between the two curves is greatest. b. total cost curve cuts the total revenue curve. c. horizontal distance between the two curves is greatest. d. slope of the total revenue curve is greatest.
Inputs for a business are the goods and services that it sells to its customers.
Answer the following statement true (T) or false (F)
Consider a market that is in equilibrium. If it experiences a decrease in demand, what will happen? The demand curve will shift to the:
A. left, and the equilibrium price will increase and the equilibrium quantity will decrease. B. left, and the equilibrium price and quantity will fall. C. left, and the equilibrium price and quantity will rise. D. right, and the equilibrium price and quantity will fall.