There are three consumers in the market for playing cards: Don, John, and Ron. At a price of $2 per pack, the quantities demanded by each are 3, 2, and 1, respectively. At a price of $1.50 per pack, the quantities demanded by each are 4, 5, and 3, respectively. Which of the following is true?
a. The market demand curve for playing cards does not obey the law of demand.
b. The price decrease causes the quantity demanded in this market to increase by 6.
c. The price decrease causes John's demand curve to shift the most.
d. At a price of $1 per pack, the quantity demanded in this market must be 20.
e. Don's behavior does not obey the law of demand.
B
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The price of the good multiplied by the quantity sold is its
A) total revenue. B) total cost. C) total spending. D) total income. E) total quantity.
When a unit tax is placed on suppliers _____
a. it will have the same effect as a twice as large excise tax placed on demanders b. it will have the same effect as a similar unit tax placed on demanders c. they will be able to shift the entire tax onto their resource suppliers d. they will be able to force demanders to pay the tax to the government