If demand were perfectly elastic, there would be no excess burden.
Answer the following statement true (T) or false (F)
False
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In the United States, which part of government investigates claims of subsidies or dumping?
What will be an ideal response?
If firms in an industry are generating knowledge that other firms can use without paying for it, this industry is characterized by
A) social costs that exceed private costs. B) social benefits that exceed private benefits. C) social costs that exceed social benefits. D) private benefits that exceed social benefits. E) social benefits that undermine private benefits.
If the correlation between GDP and y is 0, we say y is
A) procyclical. B) acyclical. C) countercyclical. D) tricyclical.
Refer to Figure 9.1. Suppose the market is currently in equilibrium. If the government establishes a price ceiling of $20, producer surplus will
A) fall by $200. B) fall by $300. C) remain the same. D) rise by $200. E) rise by $300.