If the local slaughterhouse gives off an unpleasant stench, then the equilibrium quantity of meat will be ________ the quantity that maximizes total economic surplus.

An increase in worker productivity will lead to a

A. Negative demand shock B. Positive demand shock C. Negative supply shock D. Positive supply shock

Refer to Tax Problem. In the absence of any government intervention (e.g. taxes or price controls), the market equilibrium is

Consider a perfectly competitive market were demand is Q = 100 - P and Supply is Q = P - 10. a. P = 45, Q = 45 b. P = 55, Q = 45 c. P = 45, Q = 55 d. P = 55, Q = 55