As demand for MP3 music downloads increases, other things being equal, we can expect
A) a decrease in both the relative price and quantity of MP3 music downloads.
B) a decrease in the supply of MP3 music downloads.
C) more MP3 music downloads to be produced.
D) an excess number of MP3 music downloads in the market.
C
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Without any restrictions in a perfectly competitive market, if there is a sudden rightward shift in the demand for a good:
A) sellers of the good will increase the supply of the good at the same price. B) sellers of the good will increase the quantity of the good supplied in the market. C) sellers of the good will decrease the supply of the good at the same price. D) sellers of the good will decrease the quantity supplied.
A tax on the wages paid to an employee is called the:
A. payroll tax. B. personal income tax. C. corporate income tax. D. excise tax.