A shadow price is a
a. price the producer will accept, rather than the price the producer tries to get
b. price used by a planner to make a non-profitable project appear profitable
c. disequilibrium price
d. price that would exist in the absence of all market distortions
e. none of the above
D
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Consider the following economic agents:
a. the government b. consumers c. producers Who, in a market economy, decides what goods and services will be produced with the scarce resources available in that economy? A) producers B) consumers and producers C) the government, consumers, and producers D) consumers E) the government
Refer to Table 18-6. Calculate the income tax paid by Sasha, a single taxpayer with an income of $60,000
A) $22,800 B) $14,400 C) $13,800 D) $13,642
There are no fixed costs in the long run.
Answer the following statement true (T) or false (F)
Refer to Figure 3-1. An increase in taste or preference would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.