A shift in the supply curve for gasoline in the United States would result if
A. a 50-cent tax on gasoline was enacted by Congress.
B. Congress and the president allowed oil to be drilled in previously restricted areas.
C. new methods were discovered for recovering oil from wells previously considered dried up.
D. All of the choices are true.
D. All of the choices are true.
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On Saturday morning, you rank your choices for activities in the following order: go to the library, work out at the gym, have breakfast with friends, and sleep late. Suppose you decide to go to the library. Your opportunity cost is
A) working out at the gym, having breakfast with friends, and sleeping late. B) working out at the gym. C) zero because you do not have to pay money to use the library. D) not clear because not enough information is given.
If the multiplier is 2, the MPC is
A. .1. B. .2. C. .5. D. .8. E. 1.0.
Suppose the market demand curve is perfectly elastic in an increasing-cost industry. If an output tax of t per unit is imposed on all producers of the good, what happens to the market equilibrium outcome?
A) The price paid by buyers increases and output declines B) The price paid by buyers does not change and output decrease C) The price paid by buyers and output increase D) The price paid by buyers and output decrease
Total cost is comprised of __________.
Fill in the blank(s) with the appropriate word(s).