Suppose that the government imposes a business licence fee of $100 on all firms. Profit-maximizing firms that stay in business will respond to this tax by
A. . raising prices to pay the tax.
B. . cutting output to reduce costs.
C. . lowering prices to stimulate sales.
D. . doing nothing.
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Following an increase in income,
A. . a consumer’s indifference curve will shift.
B. . the slope of the budget line will increase.
C. . individual demand curve will not shift.
D. . the budget line will shift in a parallel fashion.
An increase in a monopolist’s average cost will lead to
A. . an increase in price, as the monopolist passes on the price increase.
B. . an increase in price only if marginal cost also increases.
C. . a decrease in price as the monopolist needs to sell more in order to cover increased costs.
D. . an increase in price only if the elasticity of demand is less than 1.0.
Suppose the price of land increases. At the same time, income increases. What would happen to the equilibrium price and quantity of housing?
A. a. Equilibrium price will decrease. We cannot predict what will happen to equilibrium quantity.
B. b. Equilibrium price will increase. We cannot predict what will happen to equilibrium quantity.
C. c. Equilibrium quantity will decrease. We cannot predict what will happen to equilibrium price.
D. d. Equilibrium quantity will increase. We cannot predict what will happen to equilibrium price.
Which of the following statements is correct?
A. a. The demand for luxuries tends to be more elastic than the demand for necessities.
B. b. If there are no close substitutes for a good, demand will be very elastic.
C. c. The shorter the time period, the more elastic is demand.
D. d. How a good’s market is defined has no impact on the good’s elasticity.
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