The work effect is a basic assumption of the ________ school; it states that ___________.
Fill in the blank(s) with the appropriate word(s).
supply-side; high tax rates hurt the incentive to work and cutting them would induce people to work more
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What are two ways that a government or group can ensure that the economic pie is maximized when the volunteer's dilemma arises?
What will be an ideal response?
A firm is producing the profit-maximizing amount of output when it is producing where its ________ curve intersects its ________ curve
A) MC; MR B) MC; AVC C) MC; ATC D) MC; TR
To combat inflation, Congress and the president should
A) increase transfer payments. B) decrease taxes. C) decrease government spending. D) raise interest rates.
The supply curve of a single-price monopolist
a. coincides with its marginal cost curve above its average total cost curve b. coincides with its marginal cost curve above its average variable cost curve c. is established by the government d. slopes downward due to substantial economies of scale e. does not exist