Category: Market

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

A. Supply is price elastic
B. Demand is price inelastic
C. The government buys up all the excess production
D. All output must be sold at a maximum price

A. Whether there is perfect or imperfect information
B. elasticities of demand and supply
C. how many producers there are:
D. who is legally obliged to pay the tax

A. There is excess equilibrium
B. There is excess supply
C. There is excess demand
D. There is equilibrium

A. worse off; worse off
B. better off; better off
C. better off; worse off
D. equal, unequal

A. the marginal cost of production does not equal society’s marginal benefit
B. the distribution is inequitable
C. economic growth is low
D. unemployment is high