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Author Question: Refer to Scenario 10.3. Suppose that a tax of 5 per unit of output is imposed on red herring ... (Read 51 times)

oliviahorn72

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on: Jul 1, 2018
Refer to Scenario 10.3. Suppose that a tax of 5 per unit of output is imposed on red herring producers. The price of red herring will
 
  A) not change.
  B) increase by less than 5.
  C) increase by 5.
  D) increase by more than 5.
  E) decrease.

Question 2

If the isoquants in an isoquant map are downward sloping but bowed away from the origin (i.e., concave to the origin), then the production technology violates the assumption of:
 
  A) technical efficiency.
  B) free disposal.
  C) diminishing marginal returns.
  D) positive average product.


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kaykay69

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

C


oliviahorn72

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Reply #2 on: Jul 1, 2018
Thank you


kaykay69

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Reply #3 on: Jul 1, 2018
No problemo


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