Marginal social cost is made up of marginal private cost and incidental cost
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Table 4-13. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. What are the equilibrium price and quantity (in thousands) for Aunt Maud's Lotion?
A) $60 and 30 thousand B) $20 and 60 thousand C) $30 and 20 thousand D) $20 and 30 thousand
Lunch Counter The Lunchbox is one of many options for workers in Lanford, IL to get a quick and tasty meal at reasonable prices. They wanted to raise prices but did not know if the demand would fall off too much. They decided to raise prices and wait
and see before making the increases permanent. In the first week after they raised prices on the menu an average of 10%, they served fewer lunches but their revenue did not fall. Based on this, they decided to keep the new menu. Would you expect revenue to continue at this level?
Net taxes are indirect business taxes plus transfer payments
a. True b. False Indicate whether the statement is true or false
Rent seeking is a way of earning profit without adding to the product’s value.
Answer the following statement true (T) or false (F)