Explain why a tax increase on cigarettes in one state might not lead to a substantial price increase for all consumers in that state
What will be an ideal response?
Smuggling of non-taxed cigarettes and on-line buying where taxes don't apply by some consumers may prevent a price increase for these consumers.
Economics
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Refer to Table 4-7. If a minimum wage of $12.50 an hour is mandated, what is the quantity of labor supplied?
A) 80,000 B) 550,000 C) 630,000 D) 1,180,000
Economics
The short-run equilibrium in the aggregate demand–aggregate supply model occurs at the point of intersection of the: a. short-run aggregate supply curve and the aggregate demand curve. b. long-run aggregate supply curve and the aggregate demand curve. c. marginal social cost curve and the aggregate demand curve
d. investment spending curve and the consumption curve.
Economics