More cards in this set

Card 6

Front

What are the XED results are for complement and substitute goods?

Back

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Card 7

Front

If a product is elastic, how can a firm increase its revenue?

Back

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Card 8

Front

If a product is inelastic, how can a firm increase its revenue?

Back

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Card 9

Front

What is total revenue and what is its formula?

Back

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Card 10

Front

Give 3 reasons why merit goods would be under consumed in a free market

Back

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Card 11

Front

Give 3 reasons why demerit goods would be over consumed in a free market

Back

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Card 12

Front

What measures does the government use to increase the provisions of merit goods?

Back

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Card 13

Front

How is specific and ad valorem tax demonstrated on a graph?

Back

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Card 14

Front

What measures does the government use to decrease the provisions of demerit goods?

Back

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Card 15

Front

What is a subsidy?

Back

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