(Consider This) Suppose that coffee growers sell 200 million pounds of coffee beans at $2 per pound in 2015 and 240 million pounds for $3 per pound in 2016. Based on this information, we can conclude that the:
A. law of supply has been violated.
B. law of demand has been violated.
C. demand for coffee beans has increased.
D. supply of coffee beans has increased.
Answer: C
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The marginal revenue curve of a monopolistic competitor ________
A) lies above the demand curve B) lies below the demand curve C) is the same as the demand curve D) is the same as the supply curve
Which average cost curves are U-shaped?
What will be an ideal response?
Suppose an excise tax of $1 is imposed on every case of beer sold and sellers are responsible for paying this tax. How would the imposition of the tax be illustrated in a graph?
A) The supply curve for cases of beer would shift to the right by $1. B) The supply curve for cases of beer would shift to the left by less than $1. C) The supply curve for cases of beer would shift to the left by more than $1. D) The supply curve for cases of beer would shift to the left by $1.
The level of today's Social Security payroll tax is significantly larger than initially envisioned
a. True b. False