In a competitive market, sales go to those producers who are willing to supply the product at the lowest price
a. True
b. False
Indicate whether the statement is true or false
True
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A tariff does not raise any revenue for the government if:
A) imports exceed exports. B) exports exceed imports. C) exports equal imports. D) it reduces imports to zero.
Entry of new firms into an existing market causes:
A) an upward movement along the market supply curve. B) a downward movement along the market supply curve. C) a rightward shift of the market supply curve. D) a leftward shift of the market supply curve.
Pietro is a manager at a carwash. He has hired 10 workers to wash and detail cars for him and is considering what type of payment scheme he should set up for his workers
He can pay each of his workers $9 per hour to wash and detail cars, or he can pay his workers $12 for each car a worker washes and details. (It takes 75 minutes, on average, for an employee to wash and detail a car.) If Pietro wants to maximize the number of cars his workers wash and detail in one day, which payment scheme should he use? Explain.
Which of the following tax structures is potentially consistent with the concept of vertical equity?
a. A proportional tax b. A progressive tax c. A regressive tax d. Any of these tax structures are potentially consistent with vertical equity