A tax on sellers shifts the supply curve to the left
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following is true of the federal funds rate?
a. It is the interest rate that one bank charges another for overnight lending. b. It is the interest rate that the Federal Reserve Bank charges commercial banks for borrowing money. c. It is the interest rate you earn in your saving account. d. It is the interest rate the bank charges business firms for borrowing money. e. It is the interest rate that a domestic bank charges a foreign bank for borrowing money.
Under what circumstances will an individual's labor supply curve become backward bending? Explain.
What will be an ideal response?
Entry into a market characterized by monopolistic competition is generally
A. Entirely blocked by existing firms. B. More difficult than entry into monopolized markets. C. As difficult as in oligopoly. D. Very easy because few barriers exist.
According to the textbook, the owners of restaurants encourage tipping in order to:
A. sustain cooperation in a repeated prisoner's dilemma. B. insure that their waiters earn enough money. C. avoid playing a dominated strategy. D. solve a commitment problem with their wait staff.