The graph shown demonstrates a tax on buyers. Which of the following can be said about the effect of this tax?
A. The tax creates a shortage, and rationing must occur.
B. The tax creates a surplus, and the government must buy the excess.
C. The tax creates a shortage, and the government must regulate the market.
D. None of these is true
D. None of these is true
Economics
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What is the term that describes a situation in which one party to an economic transaction has less information than the other party?
A) monopsony B) asymmetric information C) inefficient market hypothesis D) unequal market structure
Economics
In a typical year, about __________ of bank business loans in the United States are made by foreign-owned banks through their branches here
A) ten percent B) twenty percent C) one-third D) one-half
Economics