Regarding taxation and efficiency, which of the following statements is not true?
a. Many inefficiencies arise from taxation.
b. Many burdens arise from taxation.
c. Some taxes lead to greater efficiency
d. All of the above statements are true.
d
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Which of the following is true when regulators require a natural monopolist to set price equal to marginal cost?
a. This policy results in a less than socially optimal allocation of resources. b. The marginal cost of producing the last unit sold exceeds the consumers' marginal value for that last unit. c. The monopolist will face recurring losses unless a subsidy is provided. d. The monopolist will earn a normal profit. e. The monopolist will earn more than a fair return.
In the short run, costs that arise from resources that cannot vary in quantity are known as ____________, whereas costs from inputs that can vary in quantity are known as ____________
a. fixed costs; variable costs b. explicit costs; implicit costs c. opportunity costs; variable costs d. fixed costs; opportunity costs e. variable costs; fixed costs
Profit per unit can be expressed as price - cost per unit
a. True b. False Indicate whether the statement is true or false
Annual design and model changes are a form of nonprice competition.
Answer the following statement true (T) or false (F)