According to the benefits principle, it is fair for people to pay taxes based on their ability to shoulder the tax burden
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose that government regulators required a natural monopoly to charge a price equal to the marginal cost of the last unit produced. Which of the following would then be true?
a. The natural monopoly would earn zero economic profits but consumers would benefit from the low regulated price. The low price would sustain long-run production of the firm. b. The natural monopoly would be allocatively efficient but would suffer economic losses. It would be unable to sustain itself in the long run. c. The natural monopoly would be allocatively efficient and would earn positive economic profits. Consumer surplus would increase significantly. d. The natural monopoly would be allocatively inefficient but earn positive economic profits. Consumer surplus would reduce significantly.
Refer to the table shown. The marginal product of the third worker is:Number of workersMarginal product of workers1225394145166177188189171015
A. 2. B. 17. C. 9. D. 8.
When a real estate agent says the three most important factors when buying a property are "location, location, location," the agent is referring to one of the forms of _____.
(A) Oligopoly (B) Collusion (C) Nonprice competition (D) Monopolistic competition
Stabilizing the economy by fiscal policy need not imply a tendency toward “big government.”
Answer the following statement true (T) or false (F)