Jane pays Chuck $50 to mow her lawn every week. When the government levies a mowing tax of $10 on Chuck, he raises his price to $60. Jane continues to hire him at the higher price. What is the change in producer surplus, change in consumer surplus, and deadweight loss? ( )
A. $0, 0, 10
B. $0, −10, 0
C. +$10, −10, 10
D. +$10, −10, 0
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A $1 per unit tax levied on consumers of a good is equivalent to ( )
A. a $1 per unit tax levied on producers of the good.
B. a $1 per unit subsidy paid to producers of the good.
C. a price floor that raises the good’s price by $1 per unit.
D. a price ceiling that raises the good’s price by $1 per unit.
When the government imposes a binding price floor, it causes ( )
A. the supply curve to shift to the left.
B. the demand curve to shift to the right.
C. a shortage of the good to develop.
D. a surplus of the good to develop.
Which of the following might lead to an increase in the equilibrium price of jelly and a decrease in the equilibrium quantity of jelly sold? ( )
A. an increase in the price of peanut better, a complement to jelly
B. an increase in the price of Marshmallow Fluff, a substitute for jelly
C. an increase in the price of grapes, an input into jelly
D. an increase in consumers’ incomes, as long as jelly is a normal good
If a monopoly’s fixed costs decrease, its price will ( ) and its profit will ( ).
A. increase, decrease
B. decrease, increase
C. stay the same, increase
D. increase, stay the same
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