Suppose the domestic market demand function in a certain market where Q is measured in thousands of units is Qd = 20 - 2.5P, and the domestic market supply function is Qs = 2.5P - 7.5. Suppose further that the world price for the good in question is $3.40 per unit. How much deadweight loss would be caused by a $1.20 tariff on imported units of this good?

A _________________________ is required when the location of comparable property is either superior or inferior to the location of subject property.

Fill in the blank(s) with the appropriate word(s).

If a perfect competitor is currently charging $9 for its product and the marginal cost of the last unit produced is $6, the firm should

a. cut back production and increase price b. stay at its current price and output level c. increase price and output d. increase price and hold output constant e. increase output