The question of how a tax change might impact U.S. economic output is most closely associated with the study of
A) microeconomics.
B) managerial economics.
C) macroeconomics.
D) consumer economics.
C
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If Steve's Apple Orchard, Inc is a perfectly competitive firm, the demand for Steve's apples has
A) zero elasticity. B) unitary elasticity. C) elasticity equal to the price of apples. D) infinite elasticity.
Complements
What will be an ideal response?
There are 20 residents in the village of Towneburg. The size of the village's annual fireworks display depends upon the number of shells that are fired off. Each resident's demand for fireworks is shown below. The total cost of the fireworks display is $1,000 plus $10 per shell.
What is the horizontal intercept of the village's demand curve for fireworks?
A. 50 B. 100 C. 500 D. 25
Of the following, the most rapid rise in health care costs in the United States can be attributed to
A) the cost of malpractice insurance. B) the cost to treat uninsured patients. C) slow growth in labor productivity in health care. D) the cost of malpractice lawsuit settlements.