Based on the following graph, what is the price of Y?
The consumer's income is $600.
A. $4
B. $6
C. $8
D. $0.25
E. none of the above
Answer: B
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Unlike a perfectly competitive firm, a monopolist faces a demand curve that is
A) upward sloping. B) horizontal. C) vertical. D) downward sloping.
Which of the following parts of Social Security was not part of the original program?
A. Benefits to orphans B. Retirement benefits C. Benefits to the disabled D. Benefits to widows
An income tax is progressive if the:
A. absolute amount paid as taxes varies directly with income. B. percentage of income paid as taxes is the same regardless of the size of income. C. percentage of income paid as taxes increases as income increases. D. tax rate varies inversely with income.
If incomes fall, then
A. the budget constraint shifts inward. B. there is no change in the budget constraint. C. there is no relationship between the budget constraint and income. D. the budget constraint shifts out.