Suppose the demand curve is perfectly inelastic and the supply curve is upward sloping. The price sellers receive after a specific tax is imposed on sellers
A) is less than before the tax.
B) is higher than before the tax.
C) is unchanged.
D) depends on the supply elasticity.
C
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To achieve the efficient amount of use of a common resource, the use should be such that ________ equals ________
A) marginal social cost; marginal private cost B) marginal social cost; marginal social benefit C) marginal social benefit; marginal private cost D) marginal private cost; marginal private benefit
If the firm hires 5 workers, the average cost equals
a. $10 b. $1000 c. $80 d. Need more information
All economies must make decisions concerning what to produce, how to produce it, and for whom to produce.
Answer the following statement true (T) or false (F)
A nonprice determinant of demand refers to something that:
A. affects demand other than the price. B. determines how large a role prices play in the demand decision. C. determines how prices are affected by income. D. affects the price other than demand.