Economics For Today
9th Edition
ISBN: 9781305507074
Author: Tucker, Irvin B.
Publisher: Cengage Learning,
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Chapter 3.A, Problem 4SQ
To determine
Cause of the
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Price
P
X
D
S
Q
Quantity per period
(Figure: Model of a Competitive Market) If there are
external costs, a tax imposed on sellers will:
Choose one answer.
a. decrease the equilibrium quantity.
b. have no effect on the equilibrium price.
c. decrease the equilibrium price.
d. increase the equilibrium quantity.
What will happen in the market for personal computers if. a. Consumers experience a rise in income. b. A subsidy is placed on the production of personal computers. c. Both (a) and (b) happen simultaneously. Please provide explanation with a graph
1.
Before cross-country transport of rescue dogs, what was the primary factor that determined the supply of
rescue dogs?
a.
The number of certified dog trainers in the area.
b. Whether people wanted to adopt a rescue dog instead of buying one from a breeder.
C.
The number of dogs that were spayed or neutered.
d. Weather patterns, including hurricanes and other big storms.
Chapter 3 Solutions
Economics For Today
Ch. 3.6 - Prob. 1YTECh. 3.7 - Prob. 1GECh. 3.7 - Prob. 2GECh. 3.7 - Prob. 3GECh. 3.A - Prob. 1SQPCh. 3.A - Prob. 2SQPCh. 3.A - Prob. 3SQPCh. 3.A - Prob. 4SQPCh. 3.A - Prob. 1SQCh. 3.A - Prob. 2SQ
Ch. 3.A - Prob. 3SQCh. 3.A - Prob. 4SQCh. 3.A - Prob. 5SQCh. 3.A - Prob. 6SQCh. 3.A - Prob. 7SQCh. 3.A - Prob. 8SQCh. 3.A - Prob. 9SQCh. 3.A - Prob. 10SQCh. 3 - Prob. 1SQPCh. 3 - Prob. 2SQPCh. 3 - Prob. 3SQPCh. 3 - Prob. 4SQPCh. 3 - Prob. 5SQPCh. 3 - Prob. 6SQPCh. 3 - Prob. 7SQPCh. 3 - Prob. 8SQPCh. 3 - Prob. 9SQPCh. 3 - Prob. 10SQPCh. 3 - Prob. 11SQPCh. 3 - Prob. 12SQPCh. 3 - Prob. 1SQCh. 3 - Prob. 2SQCh. 3 - Prob. 3SQCh. 3 - Prob. 4SQCh. 3 - Prob. 5SQCh. 3 - Prob. 6SQCh. 3 - Prob. 7SQCh. 3 - Prob. 8SQCh. 3 - Prob. 9SQCh. 3 - Prob. 10SQCh. 3 - Prob. 11SQCh. 3 - Prob. 12SQCh. 3 - Prob. 13SQCh. 3 - Prob. 14SQCh. 3 - Prob. 15SQCh. 3 - Prob. 16SQCh. 3 - Prob. 17SQCh. 3 - Prob. 18SQCh. 3 - Prob. 19SQCh. 3 - Prob. 20SQ
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- Alex and Mari started Doobie's, an organic, fresh fruit truck. Because of the pandemic, the demand for Doobie's products fell tremendously. This means Alex's and Mari's __________. Select one: a. equilibrium quantity fell when supply shifted to the left. b. supply decreased. c. equilibrium quantity increased when demand shifted to the left. d. demand for workers decreased.arrow_forwardWhen a tax is levied on a good, a. government revenues exceed the loss in total welfare. b. there is a decrease in the quantity of the good bought and sold in the market. c. the price that sellers receive exceeds the price that buyers pay. d. All of the above are correct.arrow_forward1. A market price that occurs below equilibrium price will cause A. a surplus of the good in the marketplace. B. a greater quantity demanded than at market equilibrium. C. will cause firms to supply additional units into the marketplace (relative to equilibrium price). D. all of the above. E. none of the above. 2. Here are three things that you could do if you do not attend your next-door neighbor's barbecue: watch television with some friends (you value this at $8), read a good novel (you value this at $4), or go in to work (you could earn $6 during the barbecue). The opportunity cost of going to your neighbor's barbecue is A. $6, because this is the only alternative of the three where you actually receive a monetary payment. B. $4, because this is the lowest dollar figure. C. $8, because this is the highest valued alternative forfeited. D. $18, because this is the total dollar sum of all the alternatives forfeited.arrow_forward
- 6. Answer the following questions based on the graph below: Price $28 24 22 20 18 es 14 12 10 8 D 4 40 50 70 90 100 110 120 130 140 150 Quantity O 10arrow_forwardThe figure illustrates the rental housing market, where there is an outward shift in the demand curve. In response, the city authority imposes a rent ceiling of €500. Which of the following statements is correct? Select one: a. In the long run, building more houses would remove the need for the rent ceiling. b. The market clears at €500 with 12,000 houses. c. Removing the rent ceiling leads to an inefficient outcome. d. Banning sub-letting makes the outcome Pareto efficient.arrow_forwardAn increase in consumer income will cause a decrease in the demand for an inferior good. A.True B.Falsearrow_forward
- At an equilibrium price for gasoline, a. everyone who is willing and able to purchase gasoline at that price can do so. b. surpluses are inevitable. c. suppliers must be using the most efficient oil-drilling equipment available. d. market forces will eventually change the quantities demanded and supplied.arrow_forwardThe equilibrium price of peaches is $3.00 per pound before taxes. Then the government decides to levy a $1 per pound tax on peaches which pushes up the price of peaches to $3.65 per pound. The incidence of the tax is is paid by producers. is paid by consumers and Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a $0.65; $0.35 $0.65; $0.65 $0; $1.00 d $0.35; $0.65arrow_forwardWhich of the following statements about correctivetaxes is generally NOT true?a. They increase what consumers pay for the good.b. They raise government revenue.c. They reduce the quantity sold in a market.d. They cause deadweight losses.arrow_forward
- The demand for tomatoes is Q = 40-4P and the supply of tomatoes is Q = P +10. Answer the following questions. (a) Suppose that $1 per unit tax is levied on the consumers. Who bears the economic incidence of this tax? (b) Calculate the deadweight loss (c) Suppose that stores will pay $1 per unit tax directly. What will happen to the "sticker price" on tomatoes? How will the size of the consumer tax burden change? (d) Suppose that tax is increased to $2 per unit on the consumers. Calculate the deadweight loss. Compare the size of the deadweight loss with (b).arrow_forwardMaximum Price Willing to Pay Реrson Minimum Acceptable Price Person Bob $13 Carlos $3 -Barb 12 Courtney 4 Bill 11 Chuck 5 Bart 10 Cindy Brent Craig 7 Betty 8. Chad 8. Instructions: Enter your answers as a whole number. a. What is the total surplus if Bob buys a unit from Carlos? $4 10 b. What is the total surplus if Barb buys a unit from Courtney? 24 8. c. What is the total surplus if Bob buys a unit from Chad? %24 5. d. If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus that can be achieved? %24 9 of 10 Next > < Prev MacBook Air %24 %24arrow_forwardThe area under the demand curve up to unit Q 1 represents the total ____ of Q 1 to society. A. surplus B. gain C. cost D. benefitarrow_forward
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