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If the price of a good is exactly equal to the maximum price a buyer will pay, then the buyer will not buy the good. receive the maximum consumer surplus. receive no marginal benefit from that unit of the good. receive no consumer surplus from that unit of the good.

If increases in government regulations have increased the cost of producing gasoline-powered lawnmowers, you accurately predict that in the market for gasoline-powered lawnmowers, there will be a(n)

Which of the following is/are correct? There is a deadweight loss if less than the allocatively efficient quantity of a product is produced. There is a deadweight loss if more than the allocatively efficient quantity of a product is produced.

Suppose people determine that eating potato chips is healthier than they had previously thought. Consequently, the price of potato chips ____ and the quantity ____.

Acquiring real-time location information from a series of satellites in orbit best describes ______.

Tacos and soda are complements and soda falls in price. As a result, the price of a taco ____ and the quantity ____.

Travel by bus is an inferior good and people’s incomes fall. As a result, the price of bus travel ____ and the quantity ____.

Suppose that a 20% fall in the price of a good increases the quantity demanded by 10%. From this we can tell that the demand is ____ and the total revenue from sales of the good ___.

When a barrel of oil is refined, gasoline and diesel are simultaneously produced. Suppose the demand for gasoline decreases. As a result, the equilibrium price of diesel ____ and the equilibrium quantity of diesel ____.

(This is an out-of-the-book question.) Using the “It’s not fair if the result isn’t fair” principle of fairness, an income tax designed to transfer wealth from the rich to the poor