If a firm that produces honey is facing elastic demand, then the firm would decrease price to increase revenue
a. True
b. False
Indicate whether the statement is true or false
True
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Give an example of income in the United States that is taxed twice
What will be an ideal response?
According to the "fair rules" view of fairness, are taxes fair? Explain
What will be an ideal response?
Risk is shifted to the owners of a firm. In return they receive
A) normal wages. B) residual income. C) normal profit. D) marginal profit.
Susan switches from going to Speedy Lube for an oil change to changing the oil in her car herself. Which of the following is correct? The value of changing the oil is
a. included in GDP whether Susan pays Speedy Lube to change it or changes it herself. b. included in GDP if Susan pays Speedy Lube to change it but not if she changes it herself. c. included in GDP if Susan changes it herself, but not if she pays Speedy Lube to change it. d. not included in GDP whether Susan pays Speedy lube to change it or she changes it herself.