Refer to Figure 7-2. As a result of the tariff, domestic producers increase their quantity supplied by
A) 6 million pounds of coffee. B) 18 million pounds of coffee.
C) 26 million pounds or coffee. D) 38 million pounds of coffee.
A
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If the demand for product X is inelastic, a 4% increase in the price of X will ________ the quantity demanded of X by ________ than 4%.
A. decrease; less B. increase; less C. decrease; more D. increase; more
Consumer surplus is the
A) value of a good expressed in dollars. B) price of a good expressed in dollars. C) value of a good minus the price paid for it summed over the quantity bought. D) value of a good plus the price paid for it summed over the quantity bought.
Surgical weight loss procedures are cheaper and safer than ever. As a consequence, we could expect:
a. An increase in the amount of care individuals take of their diet b. A decrease in the amount of care individuals take of their diet c. An increase in pre-surgery obesity d. Both B&C
In the United States, price-fixing cartels are
a. ubiquitous b. nonexistent c. generally illegal d. discouraged the Department of Labor e. dominant in small industries with large numbers of firms