Suppose a market is in equilibrium. If a price ceiling is set by the government below the equilibrium price, which of the following is most likely to occur?

The figure above shows a monopolistically competitive firm in the short run. During the transition to the long run, the demand curve will shift ________ and the MR curve will shift ________

A) leftward; leftward B) leftward; rightward C) rightward; leftward D) rightward; rightward

The above figure shows the demand and cost curves facing a monopoly. A $100 per unit tax would raise price by

A) $100. B) $50. C) $25. D) $0.

Since 1929, total government taxes as a percentage of GDP:

a. climbed from 10 percent to about 30 percent. b. remained close to 30 percent. c. climbed from 30 percent to about 50 percent. d. climbed from 15 percent to about 50 percent.

Which of the following is NOT an example of an explicit cost?

A. The income the owner could have earned in his or her next best employment opportunity. B. The salaries paid to the managers who help run the business. C. The overtime wages paid to workers. D. The rent the owner pays each month to lease office space.