In which case will the government collect more tax revenue?
A. 40% tax rate and $40,000 average income
B. 90% tax rate and $10,000 average income
C. 4% tax rate and $80,000 average income
D. 20% tax rate and $90,000 average income
Answer: D
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In the above figure, the slope across the arc between b and c is
A) 1/2. B) 2/3. C) 1. D) 2.
Strategic interdependence occurs in:
a. perfect competition. b. monopoly. c. monopolistic competition. d. oligopoly. e. monopsony.
With each additional unit consumed, ______ decreases.
a. marginal utility b. consumer equilibrium c. product substitution d. total utility
Which of the following is FALSE regarding bilateral monopoly?
A) Bilateral monopoly is a market structure consisting of a monopolist and a monopsonist. B) Bilateral monopoly is defined as a market structure in which a single buyer faces a single seller. C) An example of bilateral monopoly is a state education employer facing a single teachers' union in the labor market. D) The price outcome is easily determined.