The minimum supply-price is the same as
A) marginal cost.
B) market price.
C) producer surplus.
D) profit.
A
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There are two people in an economy. Person A’s demand for a public good is Q = 10 - P and person B’s demand is Q = 20 - 2P. The highest total that A and B will be willing to pay for six units of the public good is
a. $3 b. $4 c. $7 d. $11
The principle of comparative advantage states that a product should be exported by
a. the country with the lowest dollar cost b. the country with the lowest labor cost c. the country with the lowest opportunity cost d. the country that has more of that product e. all of the above
We cannot predict the effect on the market clearing price, but know that the equilibrium quantity will increase when
A) supply increases and demand decreases. B) supply and demand for a product simultaneously decrease. C) supply and demand for a product simultaneously increase. D) supply decreases and demand increases.
Suppose the federal government doubles the gasoline tax. The deadweight loss associated with the tax
a. also doubles. b. triples. c. quadruples. d. rises by a factor of 8.