Refer to the graph shown. Assume that the market is initially in equilibrium at a price of $6 and a quantity of 40 units. If the government imposes a $2 per-unit tax on this product, equilibrium quantity will change to:

When large oligopolistic firms negotiate with the unions of their employees, the resulting bargaining process closely resembles

a. perfect competition. b. a dual labor market. c. monopolistic competition. d. bilateral monopoly.

Economic efficiency requires that

a. individuals produce at their maximum level. b. only long-lasting, high-quality products be produced without regard to cost. c. income be distributed equally among consumers. d. all economic activity generating more benefits than costs be undertaken.