A tax results in ______.
a. unchanged prices and increased production
b. reduced prices and increased production
c. increased prices and reduced production
d. reduced prices and unchanged production
c. increased prices and reduced production
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If the demand for one good decreases when the price of another good increases, the two goods are ________ goods.
A. normal B. inferior C. complementary D. substitute
An increase in an individual's income without changing relative prices will:
a. rotate the budget constraint about the X-axis. b. shift the indifference curves outward. c. shift the budget constraint outward in a parallel way. d. rotate the budget constraint about the Y-axis.
If Kevin's children run a lemonade stand for a day and sell 200 glasses of lemonade at $0.50 each, their total revenues are
a. $100. b. $199.50. c. $200. d. $400.
In a competitive labor market, the equilibrium wage rate is determined by:
A. labor demand and labor supply. B. government regulation. C. employees. D. employers.