A tax that creates an excess burden may nevertheless improve efficiency if
a. consumption of the good has been generating beneficial externalities.
b. consumption of the good has been generating no externalities.
c. consumption of the good has been generating detrimental externalities.
d. the good has been supplied by a monopolist.
c
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Marginal cost is defined as:
A) the change in total cost due to a one unit change in output. B) total cost divided by output. C) the change in output due to a one unit change in an input. D) total product divided by the quantity of input.
Which of the following is concerned with social regulation?
A) Federal Reserve Board B) Sherman Commission C) Food and Drug Administration D) Board of Education
Common property
A) is owned by everyone. B) is owned by no one. C) Neither A nor B are correct. D) Both A and B are correct.
Which of the following countries has the greatest degree of measured income inequality?
a. Canada b. France c. United States d. Japan