When the United States imposes a tariff on a good, the amount of the ________ in U.S. consumer surplus is ________ the amount of the ________ in U.S. producer surplus.

Price (dollars per bushel) Quantity demanded (bushels) 8 2,000 7 4,000 6 6,000 5 8,000 4 10,000 3 12,000 The table above gives the demand schedule for snow peas. If the price of snow peas rises from $6.00 to $7.00 a bushel, total revenue will

An editorial in the paper argues that students should only be allowed to attend school so long as the marginal cost of educating that student is less than the marginal benefit of that student’s education. The writer’s reasoning is an application of 

Which of the following statements is correct regarding a tax on a good and the resulting deadweight loss?

The figure shows the market for shirts in the United States, where D is the domestic demand curve and S is the domestic supply curve. The world price is $16 per shirt. The United States imposes a tariff on imported shirts, $4 per shirt. In the figure above, the tariff ________ U.S. imports of shirts by ________ million shirts per year.

When the United States imposes a tariff on a good, the amount of the ________ in U.S. producer surplus is ________ the amount of the ________ in U.S. consumer surplus.

When a shortage exists in a market, sellers

Price (dollars per bushel) Quantity demanded (bushels) 8 2,000 7 4,000 6 6,000 5 8,000 4 10,000 3 12,000 The table above gives the demand schedule for snow peas. If the price of snow peas rises from $3.00 to $4.00 a bushel, total revenue will

In the above figure, if the production of gloves was restricted to 2,000 a day, then the deadweight loss would equal

You are in charge of the local city-owned golf course. You need to increase the revenue generated by the golf course in order to meet expenses. The mayor advises you to increase the price of a round of golf. The city manager recommends reducing the price of a round of golf. You realize that