A monopoly firm can sell as much output as it wants at whatever price it sets
a. True
b. False
Indicate whether the statement is true or false
False
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An allocation of resources is technically efficient if:
a. it is impossible to increase the output of a particular good. b. it is possible to increase the output of all goods. c. it is impossible to increase the output of one good without cutting back on the production of something else. d. it is possible to increase the output of one good.
Charging different customers different prices is always illegal in the United States
a. True b. False
Which of the following is an example of horizontal equity?
a. A wealthy individual should pay more taxes than a lower-income individual b. A wealthy individual should have a greater average tax rate than a middle-income individual c. Two persons with identical incomes should pay the same taxes d. A local government decides to impose taxes based on the benefits principle
Discouraged workers are not counted as unemployed because they are working
Indicate whether the statement is true or false