Tax incidence on buyers and sellers is determined by:
a. the relative elasticities of demand and supply.
b. the amount of tax imposed by the government.
c. the deadweight loss of tax
d. the type of tax system operating in an economy.
a
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
Which of the following is not a source of technological advancement for a producer?
A) more efficient physical capital B) outsourcing some aspect of production C) higher skill level of managers D) better trained workers
Profits or losses must be temporary for perfectly competitive firms. Why?
What will be an ideal response?
Game theory enables economists to fully understand and predict the behavior of oligopolistic industries with more than two firms.
Answer the following statement true (T) or false (F)