As a result of the imposition of a tax on a product:
a. some consumer surplus is transferred from buyers to producers
b. some producer surplus is transferred from sellers to consumers.
c. some consumer and producer surplus is transferred from buyers and sellers to the government.
d. there is no change in either consumer or producer surplus.
c
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To maximize her utility, Pat should spend all of her money and buy goods in a way that
A) the marginal utility of the last unit of each good is the same. B) the marginal utility per dollar from each good is the same. C) her total expenditure on each good is the same. D) her price elasticity of demand for each good is the same.
Members of which European Union institution are popularly elected?
What will be an ideal response?
The slope of an inverted U-shaped curve is infinity at the top of the curve
a. True b. False
Under a pure command system of government, decisions are made by:
a. firms. b. households. c. the central government. d. banks.