With only one seller in a posted offer market, prices will tend to move upward t

Question

With only one seller in a posted offer market, prices will tend to move upward toward the monopoly price. Adjusting the concentration of sweet versus sour enabled rats to have a large negative income effect for sour water. A sales tax on large luxury boats will impact the buyers more than the sellers of these boats; causing the buyers to pay more than half the cost of the sales tax. If each seller knew all sellers unit costs and each buyer knew all buyers unit values, a buyer or seller would be able to calculate the competitive equilibrium price before an experiment began. Suppose income taxes rise only on incomes over $250,000 annually. Then your after-tax income will be unaffected if your annual income is only $100,000.

Explanation / Answer

5. T as in monopoly seller is the price maker

6. T

7. T

8. T it happens in perfect competitive market

9. T

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