Refer to Figure 9.5. If the government establishes a price floor of $2.50 and farmers grow only the amount of berries that will be sold, total consumer and producer surplus will be

Over the years, the U.S. economy has become increasingly

A) monopolistic. B) oligopolistic. C) competitive. D) cartelized.

The actual division of a tax between buyers and sellers in a market is the excess burden of the tax

Indicate whether the statement is true or false