When supply falls and demand remains the same, equilibrium price _______ and equilibrium quantity __________.
Fill in the blank(s) with the appropriate word(s).
rises; falls
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What are the effects of a tariff on a good on various groups and on the total surplus in the country that imposes the tariff?
What will be an ideal response?
The health care system in the United Kingdom is referred to as ________, under which the government owns most of the hospitals and employs most of the doctors
A) an out-of-pocket system B) a single-payer health care system C) a universal health insurance system D) socialized medicine
Refer to Figure 13-9. Which of the graphs in the figure depicts a monopolistically competitive firm that is minimizing its losses?
A) Panel A B) Panel B C) Panel C D) Panel A and Panel C
The majority of payments made by the federal government are for
a. transfer payments. b. administrative expenses. c. foreign aid. d. defense purchases