Provide some examples of industries near your school that operate in monopolistic competition (excluding those given on the text page in the figure)
What will be an ideal response?
Hamburger restaurants, coffee shops, and juice bars are examples of firms competing in their own respective industry, each industry being a market described by monopolistic competition.
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When the percentage change in the quantity supplied is twice the percentage change in price, then supply is
A) elastic. B) inelastic. C) unit elastic. D) perfectly inelastic. E) perfectly elastic.
The federal income tax in the United States is
A) regressive. B) proportional. C) progressive. D) a flat-rate tax.
Employing a general equilibrium approach, describe the effect of a new law that prohibits steel imports
What will be an ideal response?
A person's tax liability refers to
a. the percentage of income that a person must pay in taxes. b. the amount of tax a person owes to the government. c. the amount of tax the government is required to refund to each person. d. deductions that can be legally subtracted from a person's income each year.