A ______ economy is an economy that allocates goods and services through the private decisions of consumers, input suppliers, and firms
a. traditional
b. command
c. mixed
d. market
d. market
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What is utility and how do we use the concept of utility to describe a consumer's preferences?
What will be an ideal response?
State and local income taxes should be deducted from federal income tax.
A. True B. False C. Uncertain
Lawmakers can decide whether the buyers or the sellers must send a tax to the government, but they cannot legislate the true burden of a tax
a. True b. False Indicate whether the statement is true or false
Suppose that this graph describes the current labor market for high school teachers:
Given an initial wage of w*, then immediately following a decrease in supply:
A. the reservation wage of each remaining teacher will fall. B. there will be a shortage of high school teachers. C. there will be an excess supply of high school teachers. D. the equilibrium wage will fall.