State and local taxes as a group seem to be mildly progressive, but federal taxes as a group seem to be mildly regressive.
Answer the following statement true (T) or false (F)
False
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Involuntary exchanges, such as robbery,
a. represent potential Pareto improvements b. are positive externalities c. are not Pareto improvements d. are antitrust violations e. may be Pareto improvements
In a mixed economy, there is some public influence over the workings of free markets
a. True b. False Indicate whether the statement is true or false
Superstar professional athletes can sustain their economic rents because:
A. team owners will pay anything to win a championship. B. they are represented by highly-skilled agents. C. they have unique talents that they can sell to the highest bidder. D. their opportunity costs of playing their sport are high.
The SSS Co has a patent on a particular medication. The medication sells for $1 per daily dose and marginal cost is estimated to be a constant at 20ยข
Assuming linear demand and marginal cost curves, use this information to estimate the deadweight loss from monopoly pricing if the firm currently sells 1,000 doses per day. Can this loss be justified?