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.
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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.
At the market equilibrium, resources are allocated efficiently because:
A. the marginal cost of producing another unit is equal to zero.
B. the price buyers pay accurately reflects the marginal cost of the resources used to produce the good
C. the price buyers pay is greater than sellers' willingness to sell.
D. all of the above.
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