Refer to the graphs below for a competitive market in the short run. Which of the following statements is true?
A. The firm will increase production
B. The firm is experiencing economic losses
C. The firm is breaking even
D. The firm is making economic profits
B. The firm is experiencing economic losses
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A tax on the wages paid to an employee is called the:
A. payroll tax. B. personal income tax. C. corporate income tax. D. excise tax.
Which of the following would NOT change demand?
A) the price of the product B) information about the product's health effects C) the income of the consumers D) the price of related products
Marginal cost is:
A. the additional output a firm will get by employing one additional unit of input. B. the additional cost a firm will incur by producing one additional unit of output. C. the total cost a firm will incur by producing a given level of output. D. the costs that sit on the margin, that do not change regardless of the level of output.
A merit good is just another name for a public good
Indicate whether the statement is true or false