A. How much is the tax in the above graph? B. How much of this tax is borne by the buyer and how much is borne by the seller? C. As a result of the tax, by about how much does consumption fall?

To the casual observer it is often difficult to understand how a company would spend several million dollars building a plant or other structure and then simply stop and abandon the project midway. How can this be justified on economic grounds?

What will be an ideal response?

Refer to Figure 2-7. Assume that in response to changing consumer demands, Apple cuts back on the production of traditional vehicles and increases its production of self-driving vehicles. This strategy is best represented by the

A) movement from J to G in Graph B. B) movement from L to K in Graph C. C) movement from E to F in Graph A. D) movement from H to J in Graph B.