When the market is in equilibrium,
a. Total surplus is minimized
b. Total surplus is maximized without government intervention
c. Government maximizes total revenue
d. None of the above
b
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Refer to the table above. This is an example of a ________ tax system
A) progressive B) regressive C) proportional D) cardinal
Declines in spending on residential construction are often due to increases in interest rates. The collapse in residential construction prior to and during the recession of 2007-2009 was due more to ________ than to higher interest rates
A) the financial crisis that began in 2007 B) rising wages in the construction industry C) the rapid inflation of the early 2000s D) increases in the price of lumber
Explain why the long-run average cost is typically U-shaped
Which of the following could cause the demand curve for tickets to Disney World to shift to the right?
a. A hurricane is predicted to hit Orlando next week. b. A new app can predict wait times on rides and reduce wait by 90%. c. Consumer incomes decreased during the last quarter due to new tax increases. d. Universal Studios lowered the price of their one day passes to Harry Potter Land.