The figure above shows the market for milk. If the efficient quantity of milk is produced, the consumer surplus is

Suppose the federal government allows labor unions to act as the sole seller in labor markets, but the government collects a $1 per hour fee to cover unemployment insurance for each union worker

Assuming this fee is not so large that it forces the unions to disband, what is the impact of this fee on the equilibrium wage and employment level in the monopolized labor market? A) After-tax wages and employment decline. B) After-tax wages increase and employment declines. C) Employment increases and after-tax wages decline. D) No change in after-tax wages or employment levels.

The demand curves for gold in New York and Zurich can both be represented by a line with negative slope, -b. When the price is zero the demand for gold is x ounces higher in New York than in Zurich

At the current price of gold the price elasticity of demand for gold in New York and Zurich is -3 and -4 respectively. The value of x equals A) a quarter of the current demand for gold in New York B) a third of the current demand for gold in New York C) a half of the current demand for gold in New York D) three-quarters of the current demand for gold in New York E) none of the above