Refer to the above figure. A unit tax has been placed on the good. The producer pays what amount of the tax?

What is an English auction?

What will be an ideal response?

Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $3

A) economic surplus is maximized. B) the quantity demanded is economically efficient but the quantity supplied is economically inefficient. C) too many consumers want to buy iced tea. D) the quantity supplied is greater than the economically efficient quantity.