When a tax is levied on buyers of tea,
a. buyers of tea and sellers of tea both are made worse off.
b. buyers of tea are made worse off, and the well-being of sellers is unaffected.
c. buyers of tea are made worse off, and sellers of tea are made better off.
d. the well-being of both buyers of tea and sellers of tea is unaffected.
a
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When the market demand increases in a perfect competition, the long-run result is a larger number of firms, a higher price, and a permanent economic profit for the firms
Indicate whether the statement is true or false
_____ is the lack of satisfaction yielded after consuming too much of the same product
a. Ordinal utility b. Disutility c. Total utility d. Marginal utility e. Cardinal utility
It is possible to purchase diplomas from diploma mills. The situation in which the degrees are more important than the knowledge they are supposed to represent is called:
A. accreditation. B. credentialism. C. cretinism. D. diplomacy.
A. it is the most environmentally friendly way to produce goods. B. least-cost production techniques use the smallest total quantity of resources. C. competitive pressures in the market will drive out higher-cost producers. D. the government
provides tax credits and subsidies to low-cost producers. A. it is the most environmentally friendly way to produce goods. B. least-cost production techniques use the smallest total quantity of resources. C. competitive pressures in the market will drive out higher-cost producers. D. the government provides tax credits and subsidies to low-cost producers.