In the above figure, along which range would total revenue rise by raising prices?
A. between point d and point e
B. between point a and point b
C. above point a
D. between point c and point d
Answer: A
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When dealing with negative externalities, what is meant by the term "internalizing an externality"?
What will be an ideal response?
Downward shifts are a. increases in both demand and supply
b. decreases in both demand and supply. c. increases in demand and decreases in supply. d. increases in supply and decreases in demand.
Marginal social cost includes what types of costs imposed on society?
a. total cost and marginal cost b. marginal resource cost and average total cost c. marginal external cost and marginal private cost d. marginal fixed cost and marginal variable cost
Which of the following is NOT correct about the effects of a tariff on an imported product?
A) Tariffs benefit domestic producers by raising price and domestic output. B) Tariffs increase government revenue. C) Tariffs mean higher prices and less consumption for consumers of the product. D) Tariffs increase the efficiency of how resources are allocated.