The demand and supply of a product is given in the above table. A unit tax of $2 is imposed on the product. The equilibrium quantity for this product after the tax is imposed is equal to
A) 30 units.
B) 25 units.
C) 20 units.
D) 15 units.
C
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Oil and Natural Gas can each be used as a source of energy and are, for many purposes interchangeable. Which of the following best explains the increase in the price of natural gas that accompanied the increase in the price of oil during the 1990-1991 Persian Gulf War?
a. Increased oil prices raised demand for natural gas, a substitute good. b. Increased oil prices raised the quantity demanded of natural gas by movement along the natural gas demand curve. c. Increased oil prices reduced supply of natural gas, a substitute good. d. Increased oil prices reduced supply of natural gas, an alternate good. e. Increased oil prices raised supply of natural gas, a substitute good.
Briefly explain how public choice economists feel about the role of special interest groups in the government.
What will be an ideal response?
Which of the following is a correct reason for stating that the United States has a fiduciary monetary system?I.The U.S. currency is convertible to a fixed amount of silver or gold.II.The U.S. currency has a predictable value.
A. I only B. II only C. Both I and II D. Neither I nor II
A curve showing the lowest cost at which a firm is able to produce a given level of output in the long run is
A) a long-run average total cost curve. B) a minimum efficient scale curve. C) a long-run production function. D) a long-run marginal cost curve.