A tax on sellers has what effect on a market?
A. Supply shifts vertically upward by the amount of the tax.
B. Demand shifts vertically downward by the amount of the tax.
C. Equilibrium price decreases and equilibrium quantity decreases.
D. Equilibrium price decreases and equilibrium quantity increases.
A. Supply shifts vertically upward by the amount of the tax.
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As this chapter explains, the movie A Beautiful Mind is a biography of John Nash
There is a scene in the movie where the John Nash character (played by Russell Crowe) is at a bar with several friends and has the insight that becomes what we now call a Nash equilibrium. Here is a game that summarizes what happened in that scene. Several women enter the bar; one of the women is very beautiful. All of the men would prefer to dance with the beautiful woman. They know that if one man asks the beautiful woman to dance that she will accept but that if two of the men ask her to dance she will refuse to dance with either of them. The John Nash character argues that none of the men should ask the beautiful woman to dance but should instead ask the other women. Do you think the director of this movie has studied game theory?
Electronic banking does not include
a. credit cards. b. debit cards. c. smart cards. d. direct deposit of paychecks.
A bank's reserve ratio is 5 percent and the bank has $2,280 in reserve. Its deposits amount to
a. $114. b. $2,166. c. $2,400. d. $45,600.
Based on the production and revenue data in the above table, what is the price of the product?
A) $100 B) $10 C) $1 D) More information is needed to determine the price of the product.