The greater the elasticities of demand and supply the
A. a. smaller the deadweight loss from a tax.
B. b. less intrusive a tax will be on a market.
C. c. greater the deadweight loss from a tax.
D. d. more equitable the distribution of a tax between buyers and sellers.
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If the size of a tax increases, tax revenue will
A. a. increase.
B. b. decrease.
C. c. remain the same.
D. d. increase, then decrease.
Pure monopoly is characterized by
A. a. many firms that produce a homogeneous product.
B. b. many firms that produce slightly different products that are close substitutes.
C. c. such a small number of firms that each must figure out how the others will respond to its own actions.
D. d. one firm, with no competitors, that produces a product with no close substitutes.
An increase in a monopolist’s average cost will lead to
A. a. an increase in price, as the monopolist passes on the price increase.
B. b. an increase in price only if marginal cost also increases.
C. c. a decrease in price as the monopolist needs to sell more in order to cover increased costs.
D. d. an increase in price only if the elasticity of demand is less than 1.0.
Following an increase in income,
A. a. a consumer’s indifference curve will shift.
B. b. the slope of the budget line will increase.
C. c. individual demand curve will not shift.
D. d. the budget line will shift in a parallel fashion.
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