A decrease in the price of one good results in a parallel shift in the budget line
a. True
b. False
Indicate whether the statement is true or false
False
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Explain the concept of externality and give an example
Compared to 1981, the poor now pay a
A. larger fraction of their income in taxes than the top 10 percent of income earners. B. smaller fraction of their income in federal taxes. C. larger fraction of their income in taxes than the middle 50 percent of income earners. D. larger fraction of their income in federal taxes.
In the United States:
A. the middle class has become the largest class. B. the lower class has become the largest class. C. all three classes are the same size. D. the upper class has become the largest class.
If the firm represented in the diagram is currently producing and selling Q a units, what is the price charged?
A. P0 B. P1 C. P2 D. P3