The outcome in a market where a transactions tax is split, with half collected from suppliers and half collected from demanders.

The outcome in a market where the government announces that if you enter, you cannot exit. (That is, potential entrants understand that the government bans exit even when it would be economically sensible to exit were a firm to be in the market).

The outcome in a market where a transactions tax is collected from suppliers.

The outcome in a market where the use of a good by buyers harms non-buyers.

The following graph applies to questions 21 and 22. Visual Description The shown graph has quantity on the x-axis and price/cost on the y-axis. Three lines are drawn on the graph: Lines A, B, and D. Lines A and B both have positive slopes, while D has a negative slope. Line A passes through (800, $10) and (1000, $12) while line B passes through (800, $4) and (1000, $6). Line D passes through line A at (800, $10) and passes through line B at (1000, $6). At 1000 units of output, the marginal willingness to pay for the last unit is equal to ________.

Slosh Waterbeds faces the following demand for its output: Slosh Waterbeds Price versus Output Price per bed Quantity demanded per day $1000 1 $900 2 $800 3 $700 4 $600 5 $525 6 $450 7 Slosh’s marginal cost is constant at $600 per bed produced for whatever its level of production. Given this, Slosh will choose to ________.

The members of a state legislature claim that they want to increase the quality of schooling in their state. However, they have limited the competition to public schools from private schools. The only way this makes economic sense is if ________.

The outcome in a market where the use of a good by buyers benefits non-buyers.

The following graph applies to questions 23 through 25. Visual Description The graph has price/cost on the x-axis and quantity on the y-axis. The values on the y-axis are $50, $60, $70, $90, and $110. The values on the x-axis are 6, 8, 10, 11, and 12. There is a straight line graph titled MR, which is decreasing and is located before point 8 on the x-axis. There is a curved line that is titled MC and it is also located before point 8 on the x-axis. In addition to this, there is another curved line titled, ATC that is located before point 10 on the x-axis. Lastly, there is a straight line titled D that is increasing in function and only cuts through graphs MC and ATC. The firm pictured above is ________.

A few years ago, the Utah State Legislature, in response to concerns about the market power of IHC (the firm that operates the Utah Valley Regional Medical Center in Provo, Utah, and other hospitals in Utah and Idaho), considered a bill to tax IHC’s transactions at the rate of 3 percent. This rate is below the 6.85 percent sales tax on other firms such as Harmons Grocery (a local grocery store in Provo, Utah), but above what was the tax rate of 0 percent for IHC’s transactions. Suppose that it is undisputed that IHC has market power. Then the tax ________.