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Supply 18 16 --- 12 D1 80 160 210 240 320 Quantity 4. Refer to Figure 6-24. The per-unit burden of the tax on buyers

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Supply 18 16 --- 12 D1 80 160 210 240 320 Quantity 4. Refer to Figure 6-24. The per-unit burden of the tax on buyers of the good is a. $2 b. $4 C. $6 d. $8 5. For a competitive market. a. a seller can always increase her profit by raising the price of her product. b. if a seller charges more than the going price, buyers will go elsewhere to make their purchases. c. a seller often charges less than the going price to increase sales and profit. d. a single buyer can influence the price of the product but only when purchasing from several sellers in a short period of time. Table 3-32 US and French Production Opportunities Wine (in millions of gallons) Cheese (in millions of lbs.) US 16 32 France8 4 6. Refer to Table 3-32 The US has a comparative advantage in the production of a. wine. b. cheese. c. both wine and cheese. d. neither wine nor cheese

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