The idea of "spilt milk" is associated with what type of cost?
The idea of "spilt milk" is associated with sunk cost.
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The above figure shows the market for gourmet ice cream. In effort to reduce obesity, government places a $2 tax per gallon on suppliers in this market, shifting the supply curve from S0 to S1. The tax incidence is
A) split equally between consumers and producers, each paying $1 per gallon. B) split equally between consumers and producers, each paying $2 per gallon. C) such that consumers pay $2 per gallon and producers pay $1 per gallon. D) such that consumers pay $1 per gallon and producers pay $2 per gallon. E) such that producers pay all of the tax.
Explain the effects of a tariff on domestic production, the quantity bought, and the price
What will be an ideal response?
When the economy is operating at an unemployment rate below the full employment rate,
a. actual output is above potential output b. actual output equals potential output c. actual output is below potential output d. frictional unemployment has been eliminated e. structural unemployment has been eliminated
Which of the following pairs best represents complementary goods?
a. leather shoes and leather boots b. leather shoes and shoe laces c. leather shoes and leather sandals d. leather shoes and cow hides e. leather shoes and fabric shoes