If Sean sells Susan a DVD player for $30,
a. the well-being of both parties will be unchanged.
b. both Sean and Susan will gain from this transaction.
c. Sean will gain from the transaction, but Susan will lose.
d. Susan will gain from the transaction, but Sean will lose.
b. both Sean and Susan will gain from this transaction.
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In competitive markets, surpluses or shortages will
A. cause changes in the quantities demanded and supplied that tend to eliminate the excess production or excess demand. B. cause shifts in the demand and supply curves that tend to eliminate the excess production or excess demand. C. cause changes in the quantities demanded and supplied that tend to intensify the excess production or excess demand. D. never exist because the markets are always at equilibrium.
If the government decides to impose a new tariff on orange juice from Brazil, the tariff would lead to ________ the tariff revenue collected by the U.S. government
A) no change in B) an increase in C) a decrease in D) an elimination of E) making illegal
In which market structure(s) might firms produce an undifferentiated product?
a. perfect competition only b. perfect competition and oligopoly c. monopolistic competition only d. perfect competition and monopolistic competition e. monopoly only
Marginal land can be defined as land that earns neither profits nor losses
a. True b. False Indicate whether the statement is true or false