The above figure shows the market for gourmet ice cream. In effort to reduce obesity, government places a $2 tax per gallon on suppliers in this market, shifting the supply curve from S0 to S1. The total tax revenue is equal to

The Coase theorem asserts that under certain conditions, the property rights to an activity will be acquired by the party that values it most

Indicate whether the statement is true or false

An oral auction

a. is also called a Vickrey auction b. is where bidders submit increasing bids until all but one remains c. is where the highest bidder wins and pays the amount of the next highest bid d. all of the above