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Demand in a perfectly competitive market is Q = 100 - P . Supply in that market is Q = P - 10.
(1) What is the market equilibrium price and quantity?
(2) Given that price and quantity, how much consumer surplus, producer surplus, and dead- weight loss is there?
(3) If the government imposes a $10 per unit sales tax, what is the new equilibrium price and quantity? Once the government imposes the tax, how consumer surplus, producer surplus, and dead-weight loss is there?
Which of the following correctly characterizes the shape of a production-possibilities curve? A) A straight line indicating the law of increasing opportunity costs applies
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in the short run a firm operating in a competitive industry will shut down if price isa. less than average total cost.
Suppose the information in the following table is for a simple economy that produces only the following four goods and services: textbooks, hamburgers, shirts, and cotton. Assume that all the cotton is used in the process of producion.what is the ..
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