If demand is represented as Qd = 24 - P and supply is represented as Qs = 6 + 2P, the equilibrium quantity is
A. 3.
B. 6.
C. 10.
D. 18.
Answer: D
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The concept of external cost is associated with a negative externality, but not with a positive externality
a. True b. False Indicate whether the statement is true or false
Which of the following is a direct tax?
A. Excise tax B. Tax on corporate profits C. Property tax D. Sales tax
In terms of economic growth, the key measure of the standard of living is
A) real GDP. B) nominal GDP. C) real GDP per capita. D) nominal GDP per capita.
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