Who would most likely lobby Congress for a price support on wool?
a. retail sweater outlets
b. consumers of wool caps
c. taxpayers
d. wool producers
e. sheep
D
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If current output is less than the profit-maximizing output, then the next unit produced
A) will decrease profit. B) will increase cost more than it increases revenue. C) will increase revenue more than it increases cost. D) will increase revenue without increasing cost. E) may or may not increase profit.
Taxes affect a. only buyers
b. only sellers. c. only buyers and sellers. d. buyers, sellers, and government tax revenue.
The percentage change in the quantity demanded of film divided by the percentage change in the price of cameras indicates
a. the price elasticity of demand for film b. the price elasticity of demand for cameras c. the price elasticity of supply for film d. the price elasticity of supply for cameras e. nothing, because the two goods fall into the broadly defined category of photographic equipment
The type of unemployment that occurs because of a recession is called
What will be an ideal response?