A tax imposed on the sellers of a good will lower the
a. price paid by buyers and lower the equilibrium quantity.
b. price paid by buyers and raise the equilibrium quantity.
c. effective price received by sellers and lower the equilibrium quantity.
d. effective price received by sellers and raise the equilibrium quantity.
c
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If the price elasticity of demand for football tickets is estimated to be 4.5, then a 10 percent increase in football ticket prices would be expected to cause a:
a. 4.5 percent decrease in quantity demanded. b. 4.5 percent increase in quantity demanded. c. 45 percent decrease in quantity demanded. d. 45 percent increase in quantity demanded. e. 450 percent increase in quantity demanded
A standard way to measure income mobility is to compare:
A. people's income to their parents' income. B. people's income at the beginning of their work-life to their income when they retire. C. the education level of people to that of their parents'. D. None of these is a standard way to measure income mobility.
The freedom of consumers to cast their dollar votes to buy, or not to buy, at prices determined in competitive markets describes:
a. socialism. b. communism. c. consumer sovereignty. d. the aspirations of Karl Marx.
Arbitrage causes an equalization of the _________ when assets are identical or nearly identical
A. levels of risk of assets B. rates of return of assets C. time when payments are made from assets D. prices of assets