Refer to the figure below.
If a price ceiling were imposed at $4, total economic surplus would be ________, which is ________ less than when the market is unregulated market.
A. $8; $24
B. $24; $16
C. $24; $8
D. $48; $8
Answer: C
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Governments should promote education because education contributes to the nation's
A) free markets. B) international trade. C) economic growth potential. D) employment. E) protection of property rights.
Which of the following is true about the game in Scenario 13.2?
A) ABC's dominant strategy is to offer a rebate. B) ABC's dominant strategy is not offer a rebate. C) XYZ's dominant strategy is to offer a rebate. D) XYZ's dominant strategy is not offer a rebate. E) Both ABC and XYZ offer a rebate as a dominant strategy.
If the firm were a perfect competitor in the long run, how much would its output be?
Sales and excise taxes tend to be ___________ because low income people tend to spend a _________ fraction of their income than high income people.
A. progressive; larger B. regressive; larger C. progressive; smaller D. regressive; smaller