Refer to Figure 7-2. As a result of the tariff, domestic producers increase their quantity supplied by
A) 6 million pounds of coffee. B) 18 million pounds of coffee.
C) 26 million pounds or coffee. D) 38 million pounds of coffee.
A
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Firms in perfectly competitive industries have a ________ individual demand curve when the price is on the vertical axis and the quantity is on the horizontal axis. The shape of the curve is result of the firm being a ________
A) horizontal; price taker B) downward sloping; price maker C) vertical; price taker D) downward sloping; price taker
The term "tragedy of the commons" is used to describe
a. overpricing of computer software by Microsoft. b. an increase in rents when air quality in a community improves. c. the difficulty in obtaining honest evaluations of public goods. d. the elimination of social gains due to the overuse of property without a well-defined owner.