For a competitive market, a seller can always increase her profit by raising the price of her product if a seller charges more than the going price, buyers will go elsewhere to make their purchases a seller often charges less than the going price to increase sales  a single buyer can influence the price of the product but only when purchasing from several sellers in a short period of time  

  In this market, equilibrium price and quantity, respectively, are $10 and 30 $10 and 50 $10 and 70 $4 and 50

The price that buyers pay after the tax is imposed is $8. $10. $16. $24.  

Which of these scenarios will cause an increase in the price but a decrease in the quantity in a market?  (Hint: Try drawing each scenario and find where the new price and quantity is compared to the original equilibrium)   1. increase in demand 2. decrease in demand 3. increase in supply 4. decrease in supply

When a binding price ceiling is imposed on a market to benefit buyers, no buyers actually benefit some buyers benefit, but no buyers are harmed some buyers benefit, and some buyers are harmed all buyers benefit

The following table contains a demand schedule for a   Price Quantity Demanded $10 100 $20 Q1 If the law of demand applies to this good, then Q1 could be 1. 0 2. 100 3. 200 4. 400

  Panel (a) shows which of the following? (Remember the difference between a change in demand/shift vs quantity demanded/supplied) an increase in demand and an increase in quantity supplied an increase in demand and an increase in supply an increase in quantity demanded and an increase in quantity supplied an increase in quantity demanded and an increase in supply

____ 1. Here are your costs if you decide to go to college. If you decide not to go to college you can work and earn $20,000. What is your opportunity cost of going to college? Costs Amount Tuition $10,000 Books $1,000 Food $500 Parking Pass $200 $11,700 $31,700 $30,000 $31,200

The principle that trade can make everyone better off applies to   families countries individuals All of the above

When computing the opportunity cost of attending a basketball game you should include   the price you pay for the ticket and the value of your time the price you pay for the ticket, but not the value of your time the value of your time, but not the price you pay for the ticket neither the price of the ticket nor the value of your time