A monopolist currently sells 18 units of a good. If marginal revenue on the last unit sold is $117, then the price of the good must be less than $117

Studies show that the supply curve for oranges has shifted. Which of the following could not explain the shift of the supply curve?

a. Weather conditions have changed. b. The price of fertilizer has changed. c. The wage paid to orange pickers has changed. d. The price of oranges has changed. e. The demand for grapefruit has changed.

Suppose that in 2020 the average citizen's federal tax bill is $14,888 per person, and total federal spending is $13,997 per person. In 2020, the federal government will have

a. a per person budget surplus of $891. b. a per person budget deficit of $891. c. horizontal equity. d. vertical equity.