The Earned Income Tax Credit provides a tax credit or rebate to
a. businesses that undertake investment expenditures.
b. taxpayers with incomes greater than $100,000.
c. persons with low incomes who are working.
d. single parent families when the parent stays home to take care of the children.
C
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Which of the following is not an example of a derived demand?
A) Several of the animated films released between 1999 and 2001 failed to earn a profit, which caused some companies to stop making these films, thereby decreasing the demand for animators. B) As advancements in medical technology increase the safety and success of laser eye surgery, the demand for opticians has decreased. C) Millicent Manning, the owner of a furniture store, is concerned that her sales have fallen for the past six months. She attributes this to the downturn in the real estate market. D) Seth Bullock, a personal-injury attorney, complains that he is earning far less now than a few years ago largely because personal injury cases have been undercut by state laws limiting class-action suits and payouts on damages.
If a firm in a competitive industry is making zero economic profit but still producing, it must be the case that:
a. MC = MR > ATC. b. MC = MR < ATC. c. MC = ATC > MR. d. MC = MR = ATC. e. this situation is not possible.
Consider the figure to the right and assume that it is the market for health-care services. when the "baby boomer" generation retires, the number of people who require health care increases by 30%, and, as a result, the number of health-care providers also increases, but by only 25% What is the effect on the price of health care services over time?
A. it increases because demand increases by more than supply B. it decreases because demand increased by less than supply C. it increases because demand increased by less than supply D. it decreases because demand increased by more than supply
Which of the following is the best example of a perfectly competitive market?
A.) The automobile industry. B.) The soft drink industry. C.) Dairy farming. D.) Fast-food restaurants