Even complicated and confusing topics will be easily developed and covered if you request our help writing an essay. Place an order today!


13. If the quantity demanded for a product exceeds the quantity supplied the market price will rise until (Points : 1)
the quantity demanded equals the quantity supplied. The product will then no longer be scarce.
quantity demanded equals quantity supplied. The equilibrium price will then be greater than the market price.
only wealthy consumers will be able to afford the product.
quantity demanded equals quantity supplied. The market price will then equal the equilibrium price.17. A tax is imposed on employers and workers that are used to fund Social Security and Medicare. This tax is sometimes referred to as (Points : 1)
the Income Security Tax.
the federal income tax.
the ACIF.
the payroll tax.
19. Brett buys a new cell phone for $100. He receives consumer surplus of $80 from the purchase. How much does Brett value his cell phone? (Points : 1)
20. The difference between the highest price a consumer is willing to pay for a good and the price the consumer actually pays is called (Points : 1)
producer surplus.
the substitution effect.
the income effect.
consumer surplus.

21. Suppose the demand curve for a product is downward sloping and the supply curve is upward sloping. If a unit tax is imposed in the market for this product, (Points : 1)
sellers bear the entire burden of the tax.
the tax burden will be shared among the government, buyers and sellers.
buyers bear the entire burden of the tax.
the tax burden will be shared by buyers and sellers.

23. Consider the following pairs of items:

Which of the pairs listed will have a positive cross-price elasticity? (Points : 1)
a and b only
c and d only
e only
a, b, and c only

24. The price elasticity of the supply of teenage labor services is approximately 1.36. Suppose the minimum wage rises from $6.60 per hour to $7.00. Using the midpoint formula, calculate the approximately change in the will the quantity supplied of teenage labor. (Points : 1)
5.9 percent
13.6 percent
8 percent
There is insufficient information to answer the question.

26. Suppose at the going wage rate of $20 per hour, firms can hire as many hours of janitorial services as it desires. If any firm tries to lower the wage rate to $19, it will not be able to hire any janitor. What does this indicate about the supply of janitorial services curve? (Points : 1)
Supply is unit price elastic.
Supply is perfectly price elastic.
Supply is perfectly price inelastic.
Supply is relatively price inelastic.

27. When demand is unit price elastic, a change in price causes total revenue to stay the same because (Points : 1)
the percentage change in quantity demanded exactly offsets the percentage change in price.
buyers are buying the same quantity.
total revenue never changes with price changes.
the change in profit is offset by the change in production cost.

"Get 15%discount on your first 3 orderswith us"
Use the following coupon

testimonials icon
King, as we discussed. ...
testimonials icon
One of the important areas we will be covering during the term is the idea of “fit” – that is, fit between a person and a company...
testimonials icon
1.please use the source I given to you only.2.please give specific example and your "own" thoughts, try too use details more when y...
testimonials icon
[Cover page]Basic combinational LogicAbstractA combinational logic circuit makes use of the different gates, AND, OR and Not,to come up with circuitr...
testimonials icon
Many children face special issues that impact everyday life, whether it is within themselves, their families, or their environment. Psychiatric...
testimonials icon
I need with Statistics Psychology...
testimonials icon
Valuation of a firm’s financial assets is said to be based on what is expected in the future, in terms of the future...
testimonials icon
write and submit an essay of 500-1000 words on the use of a single literary device used within one of the dramas you re...
testimonials icon
Hi, I am looking for someone to write an article on parents care Paper must be at least 250 words. Please, no plagiarized work! Children may not re...
testimonials icon
hello,please read the attach and write 5 response (on your own word please) it does not have to be paragraph, few sentence t...
testimonials icon
Instructions: Part One: ·        Create Mind Map or infographic that defines at leas...

Other samples, services and questions:

Calculate Price

When you use PaperHelp, you save one valuable — TIME

You can spend it for more important things than paper writing.

Approx. price
Order a paper. Study better. Sleep tight. Calculate Price!
Created with Sketch.
Calculate Price
Approx. price