Basic Economic Concepts

Total revenue will decrease.

The effect on total revenue cannot be determined without more information.

Total revenue will increase.

Total revenue will remain unchanged.

Mandating vaccination without exemption

Providing subsidies or free vaccines

Enacting laws prohibiting the spread of misinformation

Requiring proof of vaccination for entry into public buildings

The consumer will choose the good with the lowest price.

The consumer will buy an unlimited quantity of goods.

The consumer will only buy one type of good.

The consumer will spend all of their income.

The existing firm sees an upward shift in its demand curve as it loses customers to new entrants.

The existing firm's demand curve remains unchanged but becomes more elastic.

The existing firm decreases production as it gains more control over its prices and output levels.

The existing firm increases its product's price due to decreased supply from new entrants.

Firms will become more productive due to higher-paid, more motivated employees.

The supply curve for labor would shift leftward, resulting in increased wages without loss of jobs.

Employment would increase as higher wages attract more workers into the market.

Employment would decrease as the quantity of labor demanded by firms falls below the quantity supplied by workers.

Producers lower prices further even with taxes factored into costs in order to stay competitive with substitute goods like tablets or laptops.

Profits for smartphone producers increase since they can pass on all tax costs directly onto consumers without changing output levels.

Smartphone producers continue producing at unchanged quantities because taxes do not impact production decisions.

Some smartphone producers may exit the market reducing overall supply due to lower profit margins.

Consumers will consume additional units of a good until its marginal utility equals its price.

Consumers will continue consuming units until total utility is maximized, regardless of cost per unit or diminishing returns.

Consumers will consume fewer units as total utility from consuming goods diminishes over time.

Consumers will always consume more regardless of changes in marginal utility due to increasing total satisfaction with each unit consumed.

Opportunity cost measures financial gains only, unrelated to trade-offs.

Trade-offs occur after an opportunity cost has been calculated.

Trade-offs involve choosing one option over another, incurring an opportunity cost.

Opportunity costs and trade-offs cancel each other out in decision-making.

Regulations enforcing property rights without altering production or consumption levels.

Subsidies given only during natural disasters with no long-term effects on market balance.

Subsidies given to certain industries that disrupt free market equilibrium conditions.

Taxes imposed that accurately reflect negative externalities associated with production or consumption.

Output adjustments depend solely on elasticity of demand; if highly elastic, output decreases or stays constant but increases if demand is inelastic maintaining $MR=MC$ alignment post-tax imposition.

There will be no change in output as taxes are completely passed onto consumers through higher prices keeping $MR=MC$ intact at previous profit-maximizing levels.

The monopolist will reduce output since the tax effectively raises their marginal cost leading them away from their previous profit-maximizing quantity where $MR=MC$.

The monopolist will increase output assuming demand is elastic enough such that total revenue increases can offset additional tax burdens while maintaining $MR=MC$ balance.