The figure above shows the market for tires. According to the figure, the government collects ________ per month in total tax revenue
A) $600 million
B) $1,200 million
C) $2,000 million
D) $900 million
E) None of the above answers is correct.
A
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The above figure shows the demand and cost curves for a firm in monopolistic competition. In the figure, the firm makes an economic profit of
A) $0. B) $20. C) $40. D) $120.
Which of the following is not an advantage of starting a new business as a proprietorship?
A) A proprietorship has few government rules and regulations to comply with. B) The owner has complete control over the business. C) Business profits are only taxed once, not twice. D) A proprietorship can easily attain additional funding.
Which of the following functions do prices perform?
a. prices serve as a rationing device for allocating scarce goods and services b. prices help determine incomes c. prices ration consumer demand d. All of these.
When market failure occurs, the role of government is to
A. Do nothing. B. Eliminate markets. C. Create an alternative to markets. D. Push market outcomes closer to the ideal.