The most efficient tax possible is a
a. marginal income tax.
b. lump-sum tax.
c. consumption tax.
d. corporate profit tax.
b
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Because of the number of firms in monopolistic competition,
A) each firm has a large market share. B) it is possible for the firms to collude. C) no one firm can dominate the market. D) one firm has the ability to dictate market conditions. E) each firm must carefully monitor what its competitors do.
The expected value is
A) the total of all possible outcomes. B) the arithmetic average of all possible outcomes. C) the average of all possible outcomes weighted by their respective probabilities. D) the total of all possible outcomes divided by the number of different possible outcomes.
What is the difference between economic and accounting profit? Why is a distinction between them important?
Dolly the sheep made headlines in 1997 because she was the first mammal cloned from the cell of another adult mammal. This technique may eventually allow farmers to clone whole herds of healthy animals. a . Explain what effect a successful sheep cloning
program could have on the market for lamb. b. Explain what effect a successful sheep cloning program could have on the markets for beef and chicken, assuming that cattle and chicken cannot be cloned.