Sales taxes are
A) assessed on the prices paid on a large set of goods and services.
B) levied on purchases of a particular good or service.
C) based on each individual taxpayer's income level.
D) collected only by the U.S. government.
Answer: A
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An unregulated monopoly finds that its marginal cost exceeds its marginal revenue. In order to increase its profit, the firm will
A) raise its price and decrease its output. B) lower its price and increase its output. C) raise its price and increase its output. D) continue to produce this level of output because any change will lower its profit.
Monopolistic competition is a market structure characterized by many small firms selling a homogeneous product
a. True b. False Indicate whether the statement is true or false
If a positive externality is associated with the purchase of smoke detectors:
A. the marginal social benefit of smoke detectors exceeds their price. B. more than the efficient quantity of smoke detectors will be sold. C. the marginal social benefit of smoke detectors equals their price. D. the marginal social benefit of smoke detectors is zero.
State the advantage and the disadvantage of output regulation.
What will be an ideal response?