If the supply of land were perfectly inelastic, a tax on land would be paid:
A. partly by sellers and partly by buyers.
B. entirely by sellers.
C. entirely by buyers.
D. It is impossible to determine given this information.
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Consider a market with a downward sloping demand curve and an upward sloping supply curve. A $50 tax levied on the producer of the good will cause the market price to:
A. increase by $50
B. decrease by $50.
C. increase by less than $50.
D. increase by more than $50.
Suppose you receive a consumer surplus of $50. The $50 represents:
A. a monetary payment from the store.
B. a monetary payment from the government.
C. a reduction in the original price of the good.
D. the fact that you paid $50 less than you were willing to pay for the good.
Assume that linen pants are a normal good and consumer income rises. If the supply of linen pants remains constant, producer surplus:
A. will decrease.
B. will increase.
C. will remain constant.
D. may increase or decrease depending on the amount of the price increase.
Suppose that the government sets a maximum price for insulin below the equilibrium price:
A. there will be an efficient level of insulin produced.
B. there will be excess supply of insulin.
C. total surplus will be lower than it would be at the market equilibrium price.
D. total surplus will be greater than it would be at the market equilibrium price.
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