Bracket creep would be more likely occur in which of the following?
A) a progressive income tax system
B) a regressive income tax system
C) a flat income tax system
D) none of the above
A
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Refer to the figure above. Social surplus will be maximized if the quantity supplied of Good X is ________
A) Q1 B) Q2 C) greater than Q1 D) greater than Q2
A dramatic and sustained increase in oil prices would most likely:
A. increase demand-pull inflation. B. decrease demand-pull inflation. C. increase cost-push inflation. D. decrease cost-push inflation.
TFC=Total Fixed CostQ=Quantity of OutputMC=Marginal CostP=Product PriceTVC=Total Variable Cost Refer to the above information. Total cost is:
A. 
.
B. TFC + TVC.
C. the change in marginal cost.
D. TVC - TFC.
The monopolistic competition model assumes that:
A. allocative efficiency will be achieved. B. productive efficiency will be achieved. C. firms will engage in nonprice competition. D. firms will realize economic profits in the long run.