The economic incidence of a unit tax is
A. generally borne by the buyers.
B. generally borne by sellers.
C. generally borne by the government.
D. independent of the statutory incidence for the tax.
D. independent of the statutory incidence for the tax.
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Engel's Law claims that
a. the percentage increase in quantity demanded for food is less than the percentage increase in income b. food is an inferior good (as economists define inferior good, of course) c. the demand for food is income elastic d. the income elasticity for food is negative e. consumers' demand for food does not increase when the price of food falls
Someone who is deemed irrational from an economic standpoint is someone who
a. voluntarily partakes in actions contrary to his personal preferences. b. voluntarily partakes in actions contrary to what society deems acceptable. c. voluntarily partakes in actions that the majority of consumers would not. d. sets prices at ninety-nine cents.
Based on the graph showing equilibrium output and price for a monopolist, monopolists should cut production ______.
a. at Q2
b. at Q1
c. when MR = MC
d. when MR > MC
Pricing is an aspect of a firm's:
A. conduct. B. environment. C. performance. D. structure.