The effects of the national health care program on goods and services markets will
A) increase the marginal cost of the firm.
B) increase the quantity produced of the firm.
C) consumers will pay lower prices for many goods and services.
D) decrease the quantity demanded for all goods and services.
Answer: A
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Of the following, the largest source of revenue for the federal government is
A) personal income taxes. B) sales taxes. C) corporate income taxes. D) property taxes. E) lottery revenue.
The total amount of consumer surplus in a market is equal to the area below the market demand curve and above the market price
Indicate whether the statement is true or false
An increase in the price of ice cream is likely to cause:
A. a movement to the left along the demand curve for ice cream. B. an inward shift of the demand curve for ice cream. C. an outward shift of the demand curve for ice cream. D. a movement to the right along the demand curve for ice cream.
If the bidders at a first-price auction have true values of $78, $72, $66 and $65, the item will sell for
a. Just above $78 b. Just under $72 c. Just above $72 d. Just above $66