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Author Question: Economics is best defined as the study of how individuals decide to use limited resources in an ... (Read 107 times)

daltonest1984

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on: Jul 1, 2018
Economics is best defined as the study of how individuals decide to use limited resources in an attempt to satisfy unlimited wants.
 a. True
  b. False

Question 2

Return to the market for cigarettes from the previous questions. Suppose the government implements the tax you found in the previous question. But suppose the government is making a mistake. The true demand curve is in fact , and this is not a result of any behavioral bias. Compute the deadweight loss of the government's tax policy.
 a. DWL = 0.
  b. DWL = 500.
  c. DWL = 1,000
  d. DWL = 2,500.


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nikmaaacs

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

A

Answer to Question 2

d


daltonest1984

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Reply #2 on: Jul 1, 2018
Correct answers!


nikmaaacs

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Reply #3 on: Jul 1, 2018
Great! Please up vote :D


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