Using the following diagram, use the wedge shortcut to answer the ff. question: If a tax of $3 were imposed, how much deadweight loss would be created by the tax? (Write just the number, no dollar sign.) 

Your friend complains that the increase in your state’s sales tax will result in higher prices for buyers. Is she right?

If the elasticity of demand for ballpoint pens is −0.1, and the price of ballpoint pens increases by 10%, quantity demanded will fall by 2%.

Curve A below is most likely a supply curve with an elasticity less than 1. 

Which of the following is true if the quantity of laundry detergent supplied exceeds the quantity of laundry detergent demanded?

People search harder for substitutes for oil when the price of oil is high.

The movement from point a to point b might have been caused by:  

Which of the following is most consistent with a horizontal reading of a demand curve?

The demand curves below are labeled A, B, and C. If one of them is the demand for green beans and another is the demand for vegetables, then the demand for green beans is A. 

Calculate total surplus. (Write just the number, no dollar sign.)