In Figure 23.1, for a good with no externality, which area represents the total revenue to the producer? 
A. 0BCQ*
B. BP*C
C. 0P*CQ*
D. AP*C
Answer: C
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Eli is headed to his job harvesting grapes at a local vineyard. He earns $8 every hour he works there. His friend calls him and asks him to go mountain biking for the next 2 hours instead. Eli cannot decide between the two activities. His indecision implies he values riding his mountain bike for two hours:
A. more than $16. B. less than $16. C. at exactly $16. D. at no more than $8.
Command and control regulations do which of the following?
a. Provide incentives for firms to invent new technology to clean up pollution. b. Dictate what firms can produced and how much of a good they can produce. c. Dictate the amount of pollution firms allowed to production and/or the type of technology that must be used by the firm. d. Provide greater flexibility for each firm to lower the pollution it creates in its own way.
The true burden of a payroll tax has nothing to do with the percentage of the tax that employers are required to pay
a. True b. False Indicate whether the statement is true or false
As the price of cookies increases, firms that produce cookies will:
A. increase the supply of cookies. B. decrease the supply of cookies. C. increase the quantity of cookies supplied. D. decrease the quantity of cookies supplied.