A progressive tax means the percentage of income paid as taxes:
a. increases as income increases.
b. decreases as income increases.
c. remains the same as income increases.
d. none of these.
a
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If government sets price supports on agricultural goods that are above equilibrium prices, what must the government do to maintain those prices?
At higher interest rates, fewer people or firms will want to borrow. At lower interest rates, fewer people or firms will want to save
a. True b. False Indicate whether the statement is true or false
An oligopoly is a market structure in which a few large firms dominate the sale of a single product.
Answer the following statement true (T) or false (F)
When a firm is operating in a price-taker market, marginal revenue is
a. equal to price. b. always less than price. c. equal to zero when the market is in long-run equilibrium. d. equal to the change in output divided by the change in total revenue.