Assume that a seller in a perfectly competitive market charges ...

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Assume that a seller in a perfectly competitive market charges more than the equilibrium price. It is likely that this seller will:
 
  A) increase his sales. B) lose only a few buyers.
  C) increase his profit. D) lose almost all of his buyers.

Question 2

Fiscal policy is defined as
 
  A) the discretionary changing of government expenditures and/or taxes to achieve national economic goals.
  B) the design of a tax system to transfer income from the rich to the poor.
  C) the use of the taxing power of the government to redistribute wealth in a socially acceptable manner.
  D) the use of Congressional power to pursue social and political goals.

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Answer to Question 1

D

Answer to Question 2

A