Refer to Figure 18.4. With a tariff, how much does the government collect for each glove imported into Duckland?
A) $0 B) between $2 and $3
C) between $8 and $10 D) more than $10
B
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Melanie and Oli are competing Pacific halibut fishers. Both have been allocated ITQs that limit their catch to 1,000 tons of Pacific halibut each. Melanie's cost per ton is $20; Oli's cost per ton is $28. Refer to the information given and assume
that the market price of Pacific halibut is $40 per ton. If Melanie pays Oli $10 per ton for his ITQs and then catches her new limit of 2,000 tons, their combined profit would be: A. $28,000. B. $32,000. C. $30,000. D. $54,000.
When Coca Cola introduced a new, low-calorie version of Coca Cola called C2, despite a major marketing effort, sales of C2 were weak and many doubted that the product would last. Coke's experience with C2 illustrates the economic concept of:
A. producer sovereignty. B. consumer sovereignty. C. market failure. D. limited liability.
Whenever indifference curves have kinks, marginal willingness to pay curves have horizontal "flat spots".
Answer the following statement true (T) or false (F)
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in producer surplus is
A) 25. B) 5. C) 12.5. D) 20.