All of the following are part of the "taxes" provision of the Patient Protection and Affordable Care Act (ACA) except
A) pharmaceutical firms and health insurance firms pay new taxes.
B) investors earning more than $200,000 pay a new tax on their investment income.
C) beginning in 2018, all taxes on employer-provided health insurance plans will be reduced or eliminated.
D) workers earning more than $200,000 pay higher Medicare payroll taxes.
Answer: C
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A price-taking firm and a monopoly firm are alike in that: a. price equals marginal revenue for both
b. both maximize profits by choosing an output where marginal revenue equals marginal cost. c. price exceeds marginal cost at the profit-maximizing level of output for both. d. in the long run, both earn zero economic profits.
If consumption were a direct function of disposable income, how would a decrease in personal taxes or an increase in transfer payments affect consumption?
Jessica owns a company that makes pre-packaged sandwiches for convenience stores. The market price for a sandwich is $5 and Jessica is a price-taker. Her daily variable cost for making sandwiches is C(Q) = 2.5Q + (Q2/40) and her marginal cost is MC = 2.5 + (Q/20). What is the average cost of a sandwich at the quantity of sandwiches Jessica should be selling each day?
A. $1.25 B. $2.50 C. $3.75 D. $6.25
The perfect competitor has a perfectly elastic demand curve
A. only in the short run. B. only in the long run. C. in both the short run and the long run. D. in neither the short run nor the long run.