The demand and supply of a product is given in the above table. A unit tax of $2 is imposed on the product. The equilibrium quantity for this product after the tax is imposed is equal to
A. 25 units.
B. 30 units.
C. 15 units.
D. 20 units.
Answer: D
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A) normative statement. B) positive statement. C) descriptive statement. D) theoretical statement.
In a perfectly competitive industry, the demand for a single firm's product is perfectly elastic
A) because this firm's output is a perfect substitute for any other firm's output. B) because this firm is a price maker. C) only in the long run. D) because there are many buyers in this market.
Which of the following is an example of a job that illustrates why wages differ due to education?
a. an attorney b. a file clerk c. a cashier d. a fast food cook
The object of U.S. technological choices, according to Rosenberg (1963), was to conserve scarce productive factors and exploit plentiful ones
Indicate whether the statement is true or false