A simultaneous increase in both the supply of and the demand for vitamin water would cause an increase in the equilibrium quantity of vitamin water.
Answer the following statement true (T) or false (F)
True
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In Great Britain, raising taxes on gasoline has increased the costs of supplying gasoline. As a result, the equilibrium quantity of gasoline ________, and the equilibrium price of gasoline ________
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls E) does not change; rises
Assume the price elasticity of demand for a product is -4. In this case, the firm's optimal markup is (approximately):
A) 400 percent. B) 100 percent. C) 33 percent. D) 25 percent.
Which tax system requires higher-income taxpayers to have lower tax rates, even though they pay a larger amount of tax when compared to lower-income taxpayers?
a. a proportional tax b. a progressive tax c. a regressive tax d. a lump-sum tax
In general, people are willing to pay more than the expected value of insurance because:
A. most people would have trouble finding enough money to cover their losses. B. they are risk-averse. C. it allows them to afford major expenses from catastrophes without going bankrupt. D. All of these statements are true.