A change in the price of a product will change the supply of that product.
Answer the following statement true (T) or false (F)
False
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An increased demand for the services of tax accountants
A) may raise their fees but cannot affect their costs. B) may raise their fees by making it more costly for them to provide services to any client. C) will lead to fewer people using the services of tax accountants because higher prices mean a smaller quantity demanded. D) will lower their fees in the long run by producing more tax accountants.
We cannot be certain that a general sales tax will decrease labor supply because _____
a. of the effect of lower income on labor supply b. of the effect of higher tax revenue on consumption c. of the effect of the sales tax on labor supply d. we do not know about labor demand
How would you feel about a policy that would raise someone else's income without lowering yours? Are you any worse off?
What will be an ideal response?
Which of the following is NOT a measure of market structure?
A. Herfindahl-Hirschman index B. Entry conditions C. Four-firm concentration ratio D. Pricing behavior