Which of the following cultural events likely increased the demand for the associated product?
A) the banning of cigarette advertising on television
B) the inclusion of Reese's Pieces in the movie E.T.
C) increased environmental awareness about the impacts of sport utility vehicles (SUVs)
D) concerns over "Mad Cow" disease in beef
B
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In the market for widgets, the supply curve is the typical upward-sloping straight line, and the demand curve is the typical downward-sloping straight line. The equilibrium quantity in the market for widgets is 200 per month when there is no tax. Then a tax of $5 per widget is imposed. As a result, the government is able to raise $800 per month in tax revenue. We can conclude that the equilibrium
quantity of widgets has fallen by a. 40 per month. b. 50 per month. c. 75 per month. d. 100 per month.
As you move down the production possibility frontier, the absolute value of the marginal rate of transformation
A. increases. B. initially decreases, then increases. C. decreases. D. initially increases, then decreases.