Multiple Choice
A consumer values a car at $30,000 and a producer values the same car at $20,000.If the transaction is completed at $24,000,the transaction will not take place if:
A) The tax is equal to the seller surplus
B) The tax is smaller than the total surplus
C) The tax is larger than the total surplus
D) The tax is smaller than the buyer surplus
Correct Answer:
Verified
Correct Answer:
Verified
Q3: A consumer values a car at $525,000
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Q7: Some critics of capitalism argue that<br>A)There is
Q8: If you are willing to sell your
Q11: If you are willing to purchase a
Q12: Wealth creating transactions are less likely to
Q13: One lesson of business:<br>A)is tracing the consequences
Q35: Total surplus or gains created from trade
Q37: An example of price floor is<br>A)Minimum wages<br>B)Rent
Q39: The biggest advantage of capitalism is that<br>A)It