In short-run competitive equilibrium, which of the following is always true?
a. Profit equals zero.
b. Profit can be negative, zero, or positive.
c. Profit can be zero or positive, but not negative.
d. Profit is positive, otherwise firms would not produce.
Question 2
If the federal government placed a 50 cent per pack excise tax on cigarette manufacturers, and if as a result, the price to consumers of a pack of cigarettes went up by 40 cents, the:
a. actual burden of this tax falls mostly on consumers.
b. actual burden of this tax falls mostly on manufacturers.
c. actual burden of the tax would be shared equally by producers and consumers.
d. tax would clearly be a progressive tax.
Othmer’s Equilibrium Still Schematic Diagram
Energy Balance Is Achieved When Energy (Calories) In Equals Energy (Calories) Out
True Dover Sole
Write equilibrium constant expressions for the following reactions in terms of concentration:
The Hardy–Weinberg Equilibrium
The Hardy–Weinberg equilibrium for two autosomal alleles.