AP microeconomics unit 2

a $4 tax per unit tax is imposed, the seller's after-tax price falls from Q* of 12 to $11, which statement is true

This graph shows a

When price changes, it will change demand

If the demand for a good is perfectly elasitic in the short run, and the supply curve is upward sloping. A sale tax will

Price elasticity of demand is

Is this graph Elastic, or Inelastic?

An increase in which of the following will most likely result in a long run surplus of a product

Which of the following do not change Demand

Assume that the market for tomatoes is in equalibrium at a price of $35. If the demand falls, what will occur?

The availability of Close substitutes makes the good relatively inelastic

The absolute value of the price elasticity of supply increases when

Assume that good X is a normal good. If the price of good X increases, what will happen

The quantity of peanuts supplied ↑ from 40 to 60 tons, and price ↑ from $4 to $5. What is the price elasticity of supply

Given this graph, what per-unit tariff maximizes consumer and producer surplus?

This graph shows a tariff on imported goods. What does the red region represent

Assume the income elasticity of demand for good Z = -5, which of the following is true

The supply curve of a normal good is downward sloping

Which of the following will decrease the demand for beef

If a normal good raises it's price and it gains revenue, what level of elasticity is the good?

Why does the demand curve slope down

Based on this graph, which of the given points is demand most elastic

The cross-price Elasticity between a fork, and a knife is -0.6

Which of the following combinations of price and quantity lies on the market demand curve

Which of the following do NOT cause the supply to shift

Based off this chart, what is Alice's Consumer surplus?

If a good is inelastic, the producer has a heavier tax burden than the buyer

The price elasticity of demand for a product is 0.5 If the price of the product increases by 20% what will occur

What does this graph represent

Which of the following statements relating to supply is true

America is both a producer and impoter of tea, if the U.S. imposes a tariff on tea, which of the following will occur?