If the government wants to reduce smoking, it should impose a tax on（）
A. buyers of cigarettes
B. sellers of cigarettes
C. whichever side of the market is less elastic
D. either buyers or sellers of cigarettes
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A decrease in quantity demanded（）
A. results in a movement upward and to the left along a demand curve
B. results in a movement downward and to the right along a demand curve
C. shifts the demand curve to the left
D. shifts the demand curve to the right
A price ceiling is binding when it is set（）
A. above the equilibrium price, causing a shortage
B. above the equilibrium price, causing a surplus
C. below the equilibrium price, causing a shortage
D. below the equilibrium price, causing a surplus
Causes of market failure include（）
A. externalities and market power
B. market power and incorrect forecasts of consumer demand
C. xternalities and foreign competition
D. incorrect forecasts of consumer demand and foreign competition
The opportunity cost of an item is（）
A. the number of hours needed to earn money to buy the item
B. what you give up to get that item
C. usually less than the dollar value of the item
D. the dollar value of the item
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