Total revenue cannot be derived from the demand curve or a demand schedule.
Answer the following statement true (T) or false (F)
False
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The outcome of a colluding oligopoly:
A. is more efficient than that of a monopolist. B. is the same as that of a monopolist. C. is less efficient than that of a monopolist. D. is more efficient than that of a competitive oligopoly.
If the federal government placed a 50 cent per pack excise tax on cigarette manufacturers, and if as a result, the price to consumers of a pack of cigarettes went up by 40 cents, the:
A. actual burden of this tax falls mostly on consumers. B. actual burden of this tax falls mostly on manufacturers. C. actual burden of the tax would be shared equally by producers and consumers. D. tax would clearly be a progressive tax.
Consumer surplus is
A) the total difference between the total amount that consumers actually pay for an item and the total amount that they would have been willing to pay. B) the total difference between the total costs firms incur in producing an item and the utility consumers derive from purchasing the item. C) the total difference between the total amount that consumers would have been willing to pay for an item and the total amount that they actually pay. D) the total difference between the utility consumers derive from purchasing an item and the total costs firms incur in producing the item.
Refer to the graph below which shows the import demand and export supply curves for two nations that produce a certain product. The import demand curves for the two nations are represented by lines:
A. 5 and 6
B. 5 and 7
C. 6 and 8
D. 7 and 8