To raise the most tax revenue, governments should tax which of the following goods?

When quantity supplied equals quantity demanded, there is:

If Congress decides to reduce the tax per pack paid by sellers of cigarettes, other things being equal, the price of cigarettes will fall. This fall in prices can be attributed to a(n):

The principle of diminishing marginal utility says that:

An increase in the quantity supplied of a good is most often due to:

Utility theory assumes that marginal utility:

On Thanksgiving, Michael’s mother gives him a huge platter of food. If Michael were to keep eating just to please his mother (even when he really wanted to stop), his marginal utility would be:

Using supply and demand analysis, which of the following is true?

In a market with a downward-sloping demand curve and an upward-sloping supply curve, a law requiring sellers to pay the government a tax of $1.00 per pack on cigarettes has the effect of:

If the long-run average cost of producing 50 units of Good X is $3.00 and the long-run average cost of producing 51 units of Good X is $3.25, the firm is