When the government imposes a tax, sellers raise their price by the full amount of the tax
a. True
b. False
Indicate whether the statement is true or false
False
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What is the long-run average cost curve? What are the three ranges of output and in what order do they occur? Briefly define each of the three ranges
What will be an ideal response?
The efficient quantity of gasoline to sell in Motorland is
A) 1.7 million gallons per month. B) 1.8 million gallons per month. C) 1.6 million gallons per month. D) 1.9 million gallons per month.
Adam Smith argued that government should actively intervene in market to improve economic performance
a. True b. False Indicate whether the statement is true or false
Refer to the above table. Brook's utility schedule shows
A. initially decreasing marginal utility and then increasing marginal utility. B. increasing marginal utility throughout her entire schedule. C. diminishing marginal utility throughout her entire schedule. D. initially increasing marginal utility and then decreasing marginal utility.