The term tax incidence refers to
A) the amount of revenue government collects from a tax imposed on a good or service.
B) whether the burden of a tax rests more heavily on those with higher incomes or those with lower incomes.
C) the degree of progression of a tax.
D) the actual division of the burden of a tax between buyers and sellers in a market.
D
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The most important factor in determining the long-run profit potential in monopolistic competition is
A) free entry and exit. B) the elasticity of the market demand curve. C) the elasticity of the firm's demand curve. D) the reaction of rival firms to a change in price.
Major firms charged with predatory pricing defend by saying that their prices are low because of superior efficiency
a. True b. False Indicate whether the statement is true or false
About 540 million passengers took plane trips in the United States in 2012 . If the average price of time for air travelers is $25 per hour, the opportunity cost of an hour of delay in airports is _____ per year
a. $13.5 billion b. $14.5 billion c. $12 billion d. $25 billion
Society gains from a patent if the product would not otherwise be developed.
Answer the following statement true (T) or false (F)