Supply and Demand

Total revenue will stay the same.

Total revenue will increase.

The effect on total revenue cannot be determined.

Total revenue will decrease.

The majority burden of tax will fall on buyers as producers can easily pass on costs due to high demand elasticity.

The tax burden will be evenly split between buyers and sellers due to equal relative responsiveness from both sides for unitary elastic goods or services.

Sellers will bear most of the tax burden due to inelastic supply meaning they have fewer alternatives for adjusting their production.

Consumer demand will not change significantly following the imposition of such taxes, hence revenue generated may be lower than expected.

Exactly 1

Between 0 and 1.

Zero.

Greater than 1 but less than infinity.

Decide which product provides greater utility relative to available budget.

Buy both products regardless of the total cost because there's no need to prioritize.

Always choose a product with lower price, ignoring personal preference or taste.

Select a product based solely on which has greater advertising presence.

Consumer demand remains constant regardless changes in income levels.

Production possibilities frontier demonstrates infinite production possibilities.

Increase in production technology leads to decrease consumer want satisfaction.

Consumers have to prioritize their needs over their wants due to limited income.

The product is a necessity, and people will pay any price for it.

The quantity demanded changes significantly with a small change in price.

The quantity demanded remains constant regardless of price changes.

The quantity demanded changes only slightly with large changes in price.

There will be excess supply at the new equilibrium.

The equilibrium quantity decreases.

The equilibrium quantity increases.

The equilibrium quantity remains unchanged.

It would likely decrease due to a decrease in quantity sold outweighing any potential increase in price.

It would remain unchanged as the change in price of substitutes does not affect the original product's demand.

It would likely decrease because consumers' total expenditure on related goods tends to stay constant.

It would likely increase because consumers would switch to this product, raising its price and quantity sold.

The number of firms in the market expands dramatically as barriers to entry are perceived as lower.

All firms start to exploit economies of scale leading to decline in average costs and larger output.

Firms experience increased price competition leading to narrower profit margins due to enhanced price elasticity of demand.

Consumers begin to favor single brands turning the market into a pure monopoly.

Using club goods framework by allowing exclusive access only to members who pay dues.

Encouraging voluntary contributions as individuals directly benefit from its presence.

By providing it publicly due to its characteristics as a non-excludable and non-rivalrous good.

Through private markets charging fees since exclusion from usage is possible through technology.