Category: Market

A. price
B. quantity
C. demand
D. supply

A. behaviour of shifting the tax to another party.
B. structure of the tax
C. ultimate distribution of a tax’s burden.
D. measure of the impact the tax has on employment and output

A. externalities
B. the free-rider problem
C. a and b
D. a and c

A. A higher equilibrium price and output
B. A lower equilibrium price and higher output
C. A lower equilibrium price and output
D. A higher equilibrium price and lower output

A. the equilibrium quantity to rise and the equilibrium price to rise
B. the equilibrium quantity to rise and the equilibrium price to fall
C. the equilibrium quantity to rise and the equilibrium price to remain constant
D. the change in the equilibrium quantity to be ambiguous and the equilibrium price to rise
E. the equilibrium quantity to rise and the change in the equilibrium price to be ambiguous.

A. a maximum price usually set by government that sellers may charge for a good
B. the different between the initial equilibrium price and the equilibrium price after a decrease in supply
C. a minimum price usually set by government that sellers must charge for a good
D. a minimum price that consumers are willing to pay for a good.

A. Is provided by the government
B. Is free
C. Has the properties of being non-excludable and non-diminishable
D. Gas external costs

A. Be under provided in the free market
B. Be over provided in the free market
C. Not be provided in the free market
D. Has no opportunity cost

A. an increase in the equilibrium price and quantity
B. none of these answers
C. an increase in the equilibrium price and a decrease in the equilibrium quantity
D. a decrease in the equilibrium quantity.
E. a decrease in the equilibrium price and quantity.

A. a wining strategy
B. a losing strategy
C. a players best strategy when moving first
D. a player’s best strategy whatever the strategies adopted by rivals