Figure 4-20
Refer to . The price that buyers pay after the tax is imposed is
a.
$8.
b.
$6.
c.
$5.
d.
$3.
a
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The term "tragedy of the commons" is used to describe
a. overpricing of computer software by Microsoft. b. an increase in rents when air quality in a community improves. c. the difficulty in obtaining honest evaluations of public goods. d. the elimination of social gains due to the overuse of property without a well-defined owner.
When the natural unemployment rate increases, the short-run Phillips curve ________ and the long-run Phillips curve ________
A) shifts rightward; shifts rightward B) does not shift; shifts leftward C) shifts rightward; does not shift D) shifts leftward; does not shift E) shifts leftward; shifts rightward
The law of supply describes the:
A. inverse relationship between price and quantity supplied. B. direct relationship between price and quantity supplied. C. inverse relationship between income and quantity supplied. D. direct relationship between income and quantity supplied.
When economists say that the demand for a product has decreased, they mean that:
a. The product has become particularly scarce for some reason b. The demand curve has shifted to the left c. Consumers are now willing and able to purchase more of this product at each possible price d. The product price has increased and as a consequence consumers are buying less of the product