The graph shown demonstrates a tax on sellers. Before the tax was imposed, the buyers purchased ____ units and paid _____ for each one.
A. 15; $16
B. 15; $6
C. 31; $9
D. 31; $19
C. 31; $9
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Figure 7-15
For a firm at equilibrium, at point A in Figure 7-15
a.
the price of labor is high relative to the price of machines.
b.
the MPP of labor is greater than the MPP of machines.
c.
the MPP of labor is less than at point B.
d.
output is higher than at point B.
Markets require a physical location to permit sellers to supply money to buyers for goods and services.
Answer the following statement true (T) or false (F)
At the intersection of the short-run aggregate supply curve, the aggregate demand curve, and the long-run aggregate supply curve, the economy is in:
A. neither a short-run nor long-run equilibrium. B. a short-run equilibrium but not a long-run equilibrium. C. both a short-run and long-run equilibrium. D. a long-run equilibrium but not a short-run equilibrium.
If a consumer can be easily prevented from consuming a good or service by a producer, then the good exhibits
A. rivalry. B. an externality. C. exclusivity. D. a moral loss.