A market structure characterized by a small number of interdependent sellers is called a(n)
A) monopoly.
B) monopolistic competition.
C) monopsony.
D) oligopoly.
Answer: D
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Which of the following is a key property of models?
A) All economic models begin with assumptions. B) Empiricism is not essential for testing models. C) All models can be used for a limited time period only. D) All models are consistent and do not make incorrect predictions.
Refer to Figure 7-4. Suppose the U.S. government imposes a $0.25 per pound tariff on rice imports. Figure 7-4 shows the demand and supply curves for rice and the impact of this tariff. Use the figure to answer questions a-i
a. Following the imposition of the tariff, what is the price that domestic consumers must now pay and what is the quantity purchased? b. Calculate the value of consumer surplus with the tariff in place. c. What is the quantity supplied by domestic rice growers with the tariff in place? d. Calculate the value of producer surplus received by U.S. rice growers with the tariff in place. e. What is the quantity of rice imported with the tariff in place? f. What is the amount of tariff revenue collected by the government? g. The tariff has reduced consumer surplus. Calculate the loss in consumer surplus due to the tariff. h. What portion of the consumer surplus loss is redistributed to domestic producers? To the government? i. Calculate the deadweight loss due to the tariff.
As the central bank of the United States, the Fed does not have any liabilities on its balance sheet.
Answer the following statement true (T) or false (F)
The demand and supply curves in the market for gasoline are illustrated in the graph below.
Starting at the equilibrium point, if the government imposes a price ceiling of $10, producer surplus will fall by an amount given by the area ________
A. B + E. B. B + C. C. C. D. A.