Suppose that a $0.75-tax is placed on gasoline. Under what circumstances will gasoline sellers end up shouldering the full burden of the tax?
A. If supply is perfectly inelastic, and demand is downward-sloping
B. If demand is perfectly inelastic, and supply is upward-sloping
C. If supply is upward-sloping and demand is perfectly elastic
D. The consumer and the seller always share the burden of the tax
C. If supply is upward-sloping and demand is perfectly elastic
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"The duopolists' dilemma occurs when firms in a duopoly coordinate their decisions to achieve the best possible outcome." Is the previous statement correct or incorrect? Why?
What will be an ideal response?
Suppose your accountant told you that the $50,000 you made last year was the total revenue you earned minus both explicit and implicit costs. You would be pleased because that $50,000 represents your
a. economic loss b. economic profit c. normal profit d. money receipts and payments and you came out ahead by $50,000 e. accounting profit
GDP is defined as the
a. value of all goods and services produced within a country in a given period of time. b. value of all goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time. c. value of all final goods and services produced within a country in a given period of time. d. value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time.
Given the availability of the Medicaid program, why are so many poor people uninsured?
A. Because only a fixed percentage of the population can participate in Medicaid at any time. B. Because many poor people earn enough that they do not qualify for Medicaid. C. Because nonincome requirements screen many poor people from the program. D. Because only native-born Americans are eligible for the program.