In 2011, the average American paid approximately how much to the federal government in taxes?
a. $2,000
b. $2,500
c. $8,000
d. $10,500
c
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If two goods are complements, then their
A) indifference curves are positively sloped straight lines. B) indifference curves are negatively sloped straight lines. C) indifference curves are L-shaped. D) marginal rate of substitution is infinity.
An increase in advertising costs affect a firm in a monopolistic competition by increasing the firm's
A) total fixed cost. B) marginal cost. C) total variable cost. D) average variable cost.
In Tiebout Model, the tax can vary across communities.
A. True B. False C. Uncertain
If a firm is a price taker, its marginal revenue is:
a. equal to market price. b. less than market price. c. greater than market price. d. a multiple of market price that may be either greater than or less than one.