Refer to the figure above. What is the revenue of the firm when it sells the profit-maximizing level of output?
A) $40
B) $160
C) $180
D) $240
D
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The amount of a tax paid by the buyers will be larger the
A) more elastic the demand and the more inelastic the supply. B) more inelastic the demand and the more elastic the supply. C) more inelastic are both the supply and demand. D) more elastic are both the supply and demand.
Taxes, subsidies, and monopolies help us achieve allocative efficiency
a. True b. False Indicate whether the statement is true or false
Consumer surplus is reflected by the area under the demand curve but below the price
Indicate whether the statement is true or false
A change in the average price level is called ________, while a change in the price of a specific good in comparison with other goods and services is called ________.
A. a change in a relative price; inflation B. a quality adjustment; a substitution bias C. a price level adjustment; a quality adjustment D. inflation; a change in a relative price