The above figure shows the market for blouses. The government decides to impose the sales tax on sellers, as shown in the figure. How much consumer surplus is lost?
A) $10,000
B) $20,000
C) $25,000
D) $40,000
C
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Of the following market structures, which is the least competitive?
A) perfect competition B) monopolistic competition C) monopoly D) oligopoly
A ________ is a complete plan describing how a player will act
A) strategy B) payoff C) hypothesis D) policy
Which of the following best describes the idea of excess capacity in monopolistic competition?
a. Firms produce more output than is socially desirable. b. The output produced by a typical firm is less than what would occur at the minimum point on its ATC curve. c. Due to product differentiation, firms choose output levels at which P > ATC. d. Firms keep some surplus output on hand in case there is a shift in demand for their product. e. The collective output of all firms in the market typically exceeds the quantity demanded.
If a nation abandons its own currency and decides to use another nation's currency as its own circulating currency, this is known as:
a. euro-zoning. b. dollarization. c. a managed float. d. a Western regime.