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15. What is the price of olives in this current short and long run equilibrium? (A) $38 (B) $42 (C) $46 (D) $48 (E) $50 (F) $52 (G) $54 (H) $56 (1) $58 (J) none of the above

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Patrina Schowalter
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9 Oct 2018
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Related questions

15. The government places a $12 per unit tax on the buyers of widgets. At the new equilibrium, the price received by sellers will be: A) $78 B) $58 C) $52 D) $50 E) $48 F) $46 G) $44 H) $42 I) $40 J) $38

16. Continuing question 15, the government continues to place a $12 per unit tax on the buyers of widgets. At the new equilibrium, the price paid by buyers (including the tax paid) will be: A) $78 B) $58 C) $52 D) $50 E) $48 F) $46 G) $44 H) $42 I) $40 J) $38

18. Imagine now that there is a technological change in this industry that reduces the cost of producing olives. Total costs fall to TC = 9+ 256. All of the olive-producing firms quickly and costlessly adopt the new technology so that every one of the 100 firms has the same new costs. What will be the new short run equilibrium price? (A) $8 (B) $22 (C) $26 (F) $38 (G) $40 (H) $42 (D) $30 (1) $44 (E) $36 (J) none of the above

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