Economics is best defined as the study of how individuals decide ...

[daltonest1984]

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.

[nikmaaacs]

Answer to Question 1

A

Answer to Question 2

d

[daltonest1984]

Correct answers!

[nikmaaacs]

Great! Please up vote