Price and output decisions are two aspects of the same choice.
Answer the following statement true (T) or false (F)
True
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Compared to the no-trade situation, when a country imports a good,
a. domestic consumers gain, domestic producers lose, and the gains outweigh the losses. b. domestic consumers lose, domestic producers gain, and the gains outweigh the losses. c. domestic consumers gain, domestic producers lose, and the losses outweigh the gains. d. domestic consumers gain, but domestic producers lose an equal amount.
The distribution of the burden of a tax depends strictly on the elasticity of supply
a. True b. False Indicate whether the statement is true or false
If you get great pleasure from anticipating a fun event which of the following is true?
A. You likely have more savings than you would have without the anticipatory pleasure. B. Your intertemporal indifference curve is steeper than it would be without that pleasure. C. You have a higher marginal rate of time preference than if you didn't get that pleasure. D. All of these are true.
If a seller of a high-quality good cannot prove the quality of that good:
A. buyers will not be willing to pay the amount for which they value a high-quality good. B. buyers will only be willing to pay the amount for which they value a low-quality good. C. the good will never be offered for sale. D. the good will trade at its equilibrium price.