Refer to Scenario 12.1 At the assumed annual inflation rate of 5 percent, approximately how much will the $6.00 pack of cigarettes cost in 10 years, when Jennifer reaches the age of 35?

The United States imports cars from Japan. If the United States imposes a tariff on cars imported from Japan

A) U.S. consumers lose and Japanese producers gain. B) U.S. tariff revenue equals the loss of U.S. consumer surplus. C) U.S. consumers lose and U.S. producers gain. D) U.S. car manufacturers gain revenue equal to the revenue lost by Japanese car manufacturers.

In the above table, if the market is perfectly competitive and unregulated, at the equilibrium output level

A) marginal private cost equals the marginal private benefit. B) marginal private cost is less than the marginal private benefit. C) marginal social cost equals the marginal private benefit. D) marginal social cost is greater than the marginal private benefit.