Figure 17-10
Refer to . The amount of government revenue created by the tariff is
a.
B.
b.
E.
c.
D + F.
d.
B + D + E + F.
b
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If a restaurant offers its dinners at $9 each, but on Monday through Thursday offers a second dinner for only $5, the restaurant management
What will be an ideal response?
The saying that "There's no such thing as a free lunch" refers to the:
A. marginal principle. B. spillover principle. C. principle of opportunity cost. D. reality principle.
If one firm in a perfectly competitive industry is somehow able to produce at a lower cost than competing firms in the short run,
a. the competing firms will adopt similar production techniques in the long run. b. the more efficient firm will earn higher profits than the competing firms in the long run. c. the competing firms will earn higher profits than the more efficient firm in the short run. d. the competing firms will go out of business in the long run.
The statement, "John buys more of good X as his income increases, Ceteris paribus," means:
a. John's income is being held constant. b. John's purchases of good X are being held constant. c. John's income and purchases of this good are being held constant. d. the price of this good is being allowed to change.