If a new unit excise tax is levied on soft drinks, the
A. supply of soft drinks shifts to the left.
B. supply of soft drinks shifts to the right.
C. demand for soft drinks shifts to the left.
D. demand for soft drinks shifts to the right.
Answer: A
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A pure monopoly exists when:
A. a single firm produces a good with many close substitutes. B. only a single firm is present in the market. C. many firms produce a good with no close substitutes. D. a single firm produces a good with no close substitutes.
If a nation can produce a more computers per year than any other nation, that nation has a(n) ________ advantage in the production of computers.
A. relative B. natural C. absolute D. comparative
If a firm is a union shop, then
A. only workers who have been union members for two years may be employed. B. a worker may elect to either join or not join the union. C. only union members may be employed by the firm. D. a non-union worker may be hired but must join the union within a certain time period.
Total variable cost
A) increases as output increases. B) does not change as output changes. C) decreases as output increases. D) initially decreases and then increases as output increases.