An increase in rent will ordinarily lead to
a. an increase in usage of land that was formerly idle.
b. a decrease in total land employed.
c. less-intensive usage of land.
d. a decrease in the income of landlords.
a
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Technological progress means that we produce more output with the same amount of inputs
Indicate whether the statement is true or false
One tax system is less efficient than another if it
a. places a lower tax burden on lower-income families than on higher-income families. b. places a higher tax burden on lower-income families than on higher-income families. c. raises the same amount of revenue at a higher cost to taxpayers. d. raises less revenue at a lower cost to taxpayers.
Unlike excise taxes, price ceilings create no deadweight loss.
Answer the following statement true (T) or false (F)
The Bertrand model is a more plausible model of firm behavior than the Cournot model
A) when firms set the quantity to be sold. B) when firms sell a differentiated product. C) because firms that sell a non-differentiated product typically act as price takers. D) because the Bertrand model predicts that firms will price at marginal cost.