A consumer values a car at $30,00 . and a producer values the same car at $20,000 . If the transaction is completed at $24,000 . the transaction will not take place if:
a. The tax is equal to the seller surplus
b. The tax is smaller than the total surplus
c. The tax is larger than the total surplus
d. The tax is smaller than the buyer surplus
c
Economics
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Which of the following statements is true?
A) Economics does not provide insights into human behavior. B) Economic reasoning tends to reduce the quality of decision making. C) Economics is concerned with money, not choices. D) Economics can be used to predict people's actions.
Economics
In Table 5.3, the standard deviation is
A) highest for the HMO choice, and it is $76,000. B) lowest for the HMO choice. C) higher for owning one's own practice than for going into research. D) higher for the HMO choice than for going into research.
Economics