The graph shown demonstrates a tax on sellers. Once the tax has been imposed, the sellers produce ____ units and receive _____ for each one sold.
A. 15; $16
B. 15; $6
C. 31; $9
D. 31; $19
B. 15; $6
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A "free rider" is someone who
A) pursues his or her own selfish interests. B) generates negative externalities for everyone else. C) accepts benefits without paying his or her share for receiving the benefits. D) actually improves the efficiency of market processes by buying low and selling high.
The principle of comparative advantage states that a product should be exported by
a. the country with the lowest dollar cost b. the country with the lowest labor cost c. the country with the lowest opportunity cost d. the country that has more of that product e. all of the above
If the demand for a monopoly's output shifts leftward, the change in quantity produced is NOT predictable because
A) the monopoly is a profit maximizer. B) the monopoly is a price taker. C) the monopoly has no supply curve. D) the monopoly's marginal cost curve might not be upward sloping.
Refer to Table 8.2. If Sherry produces two pairs of earrings, her marginal cost is A) $40. B) $45. C) $72.50. D) $122.50.