Suppose an excise tax of $0.75 is imposed on every pack of cigarettes sold and sellers are responsible for paying this tax. How would the imposition of the tax be illustrated in a graph?
A) The supply curve for cigarettes would shift to the left by more than $0.75.
B) The supply curve for cigarettes would shift to the right by $0.75.
C) The supply curve for cigarettes would shift to the left by $0.75.
D) The supply curve for cigarettes would shift to the left by less than $0.75.
C
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If the number of unemployed workers is 19 million, the number in the working-age population is 500 million, and the unemployment rate is 4%, how many workers are in the labor force?
A) 1 million B) 20 million C) 475 million D) 481 million
Identify the characteristics of a monopoly firm
a. The existence of barriers to entry and production of a homogeneous product b. The production of a unique product and a large number of sellers in the market c. The production of a standardized product and the firm is a price taker d. The existence of barriers to entry and the firm is a price taker e. The existence of barriers to entry and the firm is a price maker