Monopolists do not face constraints on the prices they charge.
Answer the following statement true (T) or false (F)
False
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In a progressive tax system, ________
A) the average tax rate equals the marginal tax rate B) the marginal tax rate exceeds the average tax rate C) the average tax rate exceeds the marginal tax rate D) the average tax rate is equal for all taxpayers
An industrial union can obtain a wage higher than the competitive level
a. without any change in total employment b. at the cost of a reduction in total employment c. and achieve higher total employment as well d. and achieve the same or higher total employment e. thus increasing the quantity of labor demanded
An MPC value of less than 1.0 indicates that as income increases consumption
A. also increases, and by more than the increase in income. B. will go in the opposite direction and decrease. C. also increases, though not as much as income. D. also increases, and at the same rate as the increase in income.
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher