Suppose there are 11 buyers and 11 sellers, each willing to buy or sell one unit of a good, with values {$14, $13, $12, $11, $10, $9, $8, $7, $6, $5, $4,}. Assume no transaction costs and a competitive market, what is the equilibrium price in this market?
a. 7
b. 8
c. 9
d. 10
d
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In the real world, lump-sum taxes are:
A. rarely used. B. commonly used. C. applied only to the wealthy in the U.S. D. very common in non-western nations.
A cost associated with an economic depression is
a. the loss of goods and services that are not produced. b. the loss of individual income to unemployed workers. c. a possible deterioration of working skills of unemployed workers. d. All of these.
In 2018, why did the United States impose temporary safeguard tariffs beginning at 30 percent on imports of solar panels and up to 50 percent on imports of washing machines?
A. The United States wanted to ensure that it remained a net exporter of washing machines and solar panels. B. The U.S. International Trade Commission found that rising imports had harmed U.S. firms in these industries. C. The United States government imposed tariffs on washing machines and solar panels in retaliation for other countries' tariffs on U.S. exports of durable goods. D. Because of growing U.S. demand for washing machines and solar panels, the United States government saw the opportunity to increase government revenue and imposed tariffs on these products.
As long as price is sufficient to cover ________, the firm is better off by operating rather than by shutting down.
A. marginal revenue B. marginal cost C. average fixed cost D. average variable cost