Which of the following statements is correct?
a. Marginal social cost is the share of marginal cost caused by an activity that is paid for by the persons who carry out the activity.
b. Marginal private cost is the share of marginal cost caused by an activity that is borne by persons other than those who carry out the activity.
c. Marginal social cost is the sum of marginal private cost and incidental cost.
d. Marginal private cost and incidental cost are one and the same.
c
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Under perfect competition, the market quantity is 
Figure 42.2
A. Q1. B. Q2. C. Qa. D. Qb.
Refer to Figure 21.1. The highest 20% of the population earn ________ of total income
A) 40% B) 44% C) 60% D) 80%
Competitive firms are able to set price above marginal cost when
A) the markup is less than the cost of going to another store. B) the markup is greater than the cost of going to another store. C) all consumers have full information. D) consumers know what other stores are charging.
_____ is when the total amount of taxes collected as a result of a tax reform is unchanged
a. Revenue enhancing tax reform b. Revenue neutral tax reform c. Comprehensive constant tax reform d. Comprehensive tax reform