Suppose that 1000 identical sellers each set their profit-maximizing output level at 18 units when price equals $10. Then what is market quantity supplied at a price of $10?
A. 100.
B. 1,000.
C. 10,000.
D. 18,000.
Answer: D
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If a tax is imposed in a market in which demand is perfectly inelastic
A) the buyers pay the entire tax. B) the sellers pay the entire tax. C) the buyers and the sellers both pay a portion of the tax. D) neither the buyer nor the seller pays the tax.
Carlos receives a consumer surplus of $10 for the first glass of lemonade. For the second glass, he receives a consumer surplus of $8, and for the third glass, he receives a consumer surplus of $6 . His total consumer surplus from the three glasses of lemonade is _____
a. $10 b. $24 c. $14 d. $15
If your taxable income rises from $35,000 to $45,000, and the taxes you pay rise from $12,000 to $15,000, your marginal tax rate is
A. 10 percent. B. 20 percent. C. 30 percent. D. 40 percent. E. Impossible to determine.
An increase in the price of oil will likely cause which of the following?
A) increase the markup in the Phillips curve equation B) increase the sum "m + z" in the Phillips curve equation C) increase the natural rate of unemployment D) all of the above E) none of the above