If a tax is levied on the sellers of a product, then there will be a(n)
a. downward shift of the supply curve.
b. upward shift of the supply curve.
c. decrease in quantity supplied.
d. increase in quantity supplied.
b
Economics
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The quantity demanded of baseball bats increased from 1,000 units to 1,100 units when its price fell from $20 per bat to $18 per bat. The price elasticity of demand for baseball bats is:
a. 1.43. b. 0.99. c. 1.73. d. 2.44.
Economics
Which of the following correctly describes the relationship between economic efficiency and economic equity?
A) They are both automatically achieved in a free market economy. B) They always call for opposite outcomes. C) There is no conflict between the two goals. D) There is often a trade-off between the two.
Economics