Category: Market

A. increasing average cost curve, marginal cost lies above average cost
B. increasing average cost curve, marginal cost lies below average cost
C. decreasing average cost curve marginal cost lies above average cost
D. decreasing average cost curve, marginal cost lies below average cost

A. This tax will not raise much revenue either in the short term or the long term since demand is price inelastic
B. The tax on cigarettes may not raise as much revenue as anticipated in the years to com because the demand for cigarettes is likely to become more elastic over time.
C. This a very good way to raise revenue both in the short term and in the long term, because there are no substitutes for cigarettes.
D. No tax revenue can be raised in this way because sellers of cigarette will just lower their price by the amount of the tax and therefore, the price of cigarettes to consumers will not change

A. there is a surplus and the price will rise
B. there is a shortage and the price will fall
C. there is a shortage and the price will rise
D. The quantity demanded is equal to the quantity supplied and the price remains unchanged
E. there is a surplus and the price will fall

A. produce less at a lower price
B. produce more at a lower price
C. produce less at a higher price
D. produce less at a lower price

A. There is an increase in the quantity demanded of apples and in the supply for apples
B. There is an increase in the demand and supply of apples.
C. There is an increase in the demand for apples and a decrease in the supply of apples
D. There is a decrease in the quantity demanded of apples and an increase in the supply for apples
E. There is an increase in the demand for apples and an increase in the quantity supplied of apples.

A. supply exceeds demand
B. a surplus exists
C. there is perfectly inelastic demand for the good
D. demand exceeds supply

A. Assuming other players move first
B. dominated by the other players
C. given the strategies of other players
D. that is a credible threat

A. imperfect competition
B. taxation
C. externalities
D. missing markets
E. all of the above

A. The government sells assets to a the private sector
B. The government bans a product
C. The government takes control of an industry
D. The government taxes a product to a raise its price

A. VAT
B. inheritance tax
C. income tax
D. a tax on profits