This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Consider a market in which there is an import tariff. Which of the following is TRUE? A) The lost ... (Read 12 times)

ETearle

  • Hero Member
  • *****
  • Posts: 580
on: Jun 29, 2018
Consider a market in which there is an import tariff. Which of the following is TRUE?
 
  A) The lost consumer surplus equals the gain in producer surplus plus the government revenue plus the deadweight loss.
  B) The lost consumer surplus equals the gain in producer surplus.
  C) The lost consumer surplus equals the gain in producer surplus plus the government revenue.
  D) The lost consumer surplus plus the deadweight loss equal the gain in producer surplus plus the government revenue.

Question 2

If demand for Farmer John's maple syrup is inelastic, then when Farmer John raises the price of maple syrup, his total revenue will
 
  A) increase.
  B) decrease.
  C) stay the same.
  D) probably change, but more information is needed to determine if the total revenue increases, decreases, or stays the same.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Anonymous

  • Sr. Member
  • ****
  • Posts: 317
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

A


ETearle

  • Member
  • Posts: 580
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

jordangronback

  • Member
  • Posts: 339
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

An identified risk factor for osteoporosis is the intake of excessive amounts of vitamin A. Dietary intake of approximately double the recommended daily amount of vitamin A, by women, has been shown to reduce bone mineral density and increase the chances for hip fractures compared with women who consumed the recommended daily amount (or less) of vitamin A.

Did you know?

Barbituric acid, the base material of barbiturates, was first synthesized in 1863 by Adolph von Bayer. His company later went on to synthesize aspirin for the first time, and Bayer aspirin is still a popular brand today.

Did you know?

Approximately one in three babies in the United States is now delivered by cesarean section. The number of cesarean sections in the United States has risen 46% since 1996.

Did you know?

Acute bronchitis is an inflammation of the breathing tubes (bronchi), which causes increased mucus production and other changes. It is usually caused by bacteria or viruses, can be serious in people who have pulmonary or cardiac diseases, and can lead to pneumonia.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Many types of edible fungi are grown for the market. Many types of edible fungi are grown for the market.
True Forget-Me-Not True Forget-Me-Not
As some groups do ethnic work, they produce a mythical long-lost heritage, as in this photo of ... As some groups do ethnic work, they produce a mythical long-lost heritage, as in this photo of ...
Main Hall, Trajan's Market Main Hall, Trajan's Market
Many countries do not produce enough food and need to import food from the United States Many countries do not produce enough food and need to import food from the United States
Iraqi market Iraqi market
Video: Dendrite Animation

For a complete list of videos, visit our video library