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The table below shows the willingness to pay for a good for four consumers in a market Suppose that a tax is placed on books. If the sellers pay the majority of the tax, then we know that the Consumer Willingness to Pay A 580 $65 Select one: $45 $30 da. supply is more inelastic than the demand. If the price of the good is $50, what is the total consumer surplus? O b. government has required that buyers remit the tax payments. Select one: a. $25 O c. government has required that buyers remit the tax payments. O b. $20 O d. demand is more inelastic than the supply. O d. $65 Clear my choice Clear my choice Which of the following would shift an economy's production possibilities curve to the left? Select one: Which of the following is not a problem associated with price floors? O a. an increase in the retirement age b. the country experiences a major natural disaster affecting its capital goods Select one: O a. a higher price for consumers O c. the country discovers a new energy source O b. the transfer of income from consumers to producers O d. dramatic increases in economic growth O c. chronic excess supply O e. a major increase in the number of people in the labour force O d. chronic excess demand de. the emergence of black markets for agricultural commodities Clear my choice Clear my choiceIf your tuition is $20,000 this semester, your books cost $2,000, you can only work 10 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room and board is Denise decides to spend three hours working overtime rather than watching a video with her friends. She $8,000 this semester, then your opportunity cost of attending college this semester is earns $10 an hour. Her opportunity cost of working is O a. $22,150. Select one: O b. $28,750. O a. the $30 she earns working. A b. the $30 minus the enjoyment she would have received from watching the video. O C. $36,750. O c. nothing, since she would have received less than $30 of enjoyment from the video. O d. $22,000. O d. the enjoyment she would have received had she watched the video. Clear my choice O e. the $30 plus the enjoyment she would have received from watching the video. Clear my choice When the price of one good increases and the price of the other good and income are held constant, the budget line Select one: O a. rotates so that the intercept is farther from the origin on the axis representing the good that has experienced an increase in price b. shifts parallel to the original budget line so that the new budget line is farther from the origin O c. shifts parallel to the original budget line so that the new budget line is closer to the origin O d. rotates so that the intercept is closer to the origin on the axis representing the good that has experienced an increase in price Clear my choiceSuppose the government has imposed a price ceiling on cellular phones. Which of the following events could transform the price ceiling from one that is binding to one that is not binding? Select one: Da. The components used to produce cellular phones become more expensive. O b. Cellular phones become more popular. O c. Traditional land line phones become more expensive. O d. A technological advance makes cellular phone production less expensive. Clear my choice