At the equilibrium price of a good, the good will be sold by those sellers
a. whose cost is more than price.
b. whose cost is less than price.
c. that can produce the good.
d. enter the market first.
b
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When a citizens' group opposes expansion of the prison located in town, the basis of the opposition is that the larger prison will produce
a. a negative externality for the community b. a positive externality for the community c. more jobs in the community d. tax revenue for the community e. improved criminal justice options
The total value added in the production of a final good
a. exceeds the price of the final good. b. equals the price of the final good. c. exceeds the total payments made to owners of productive resources used in the production. d. both equals the price of the final good and exceeds the total payments made to owners of productive resources used in the production.
Some colleges charge all students the same fee for access to campus computing services. Suppose that students differ by how many hours of campus computing services they use. For example, some students print all their papers and assignment in the campus computer labs, while others use their own printers in their apartments. The computing services fee is most like a(n)
a. excise tax that conforms to the benefits principle. b. excise tax that violates the benefits principle. c. lump-sum tax that conforms to the benefits principle. d. lump-sum tax that violates the benefits principle.
If an individual producer is willing to produce one unit of a good for $2.50 but is able to sell it for $7.50, then his or her producer surplus from the sale of that unit would be:
A. $5 B. $10 C. $6.25 D. $7.50