Suppose a frost destroys much of the Florida orange crop. At the same time, suppose consumer tastes shift toward orange juice. What would we expect to happen to the equilibrium price and quantity in the market for orange juice?

If a monopolist must lower the price on all units in order to sell an additional unit,

a. it is impossible for the monopolist to maximize profit b. the monopolist will always lose profit when it increases quantity c. the monopolist will always lose revenue when it increases quantity d. price will always be greater than marginal revenue e. price will always be less than marginal revenue

Which of the following will result in the greatest deadweight loss from tax?

a. A tax on gasoline b. A tax on Porsche cars c. A tax on salt d. A tax on cigarettes