The tables above show the marginal costs and benefits from production of paper. If the efficient level of output is achieved by imposing a tax on paper producers, the government collects tax revenue equal to
A) $64,000.
B) $56,000.
C) $72,000.
D) $48,000.
D
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According to this Application, Professor Gordon is ________ about future economic growth in the United States and he predicts a ________ increase during this century
A) optimistic; small B) pessimistic; large C) pessimistic; small D) optimistic; large
Consumer equilibrium exists when the marginal utility per dollar of expenditure is the same for all goods and services
a. True b. False Indicate whether the statement is true or false
Historically, when a diverse set of stocks is held over a lengthy time period, stocks have yielded a ______ rate of return and the variation in the rate of return has been _______. (Fill in the blanks)
A) low; high B) high; high C) high; low D) low; low
If demand is more elastic, the portion of an excise tax borne by a buyer will
A. increase. B. decrease. C. be unchanged. D. increase for normal goods, decrease for inferior goods.