A. behave like competitive firms
B. agree to act together
C. differentiate their products
D. practice price discrimination

A. monopolistic competition
B. oligopoly
C. monopoly
D. unfair competition

A. Negative externalies
B. Positive externalities
C. Monopolies
D. Oligopolies

A. This tax will not raise much revenue either in the short term or the long term since demand is price inelastic
B. The tax on cigarettes may not raise as much revenue as anticipated in the years to com because the demand for cigarettes is likely to become more elastic over time.
C. This a very good way to raise revenue both in the short term and in the long term, because there are no substitutes for cigarettes.
D. No tax revenue can be raised in this way because sellers of cigarette will just lower their price by the amount of the tax and therefore, the price of cigarettes to consumers will not change

A. wages in general would fall as employers tried to hold down costs
B. fewer young workers would be employed
C. the costs and prices of firms employing cheap labour would increase
D. there would be more unemployment

A. price
B. quantity
C. demand
D. supply

A. inflation occurs
B. there are externalities
C. merit goods are produced
D. there is excess demand

A. A price fall
B. A price increase
C. Excess supply
D. Excess demand

A. Is provided by the government
B. Is free
C. Has the properties of being non-excludable and non-diminishable
D. Gas external costs

A. Supply is price elastic
B. Demand is price elastic
C. Supply is stable
D. Demand and supply are price inelastic