A vertical demand curve has an elasticity of demand equal to zero
a. True
b. False
Indicate whether the statement is true or false
True
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The federal income tax on wages is the largest source of revenue for the federal government
Indicate whether the statement is true or false
An externality refers to economic events outside a market
Indicate whether the statement is true or false
According to the table shown, when 5 units are produced:
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.
A. profits are maximized.
B. profits are positive.
C. the firm is producing less than the profit-maximizing amount.
D. the firm is producing more than the profit-maximizing amount.
Which statement is true?
A. The average workweek is about 50 percent lower than it was in 1900. B. The average workweek is about the same as it was in 1900. C. Most Americans work more hours per year than do most Western Europeans. D. Most American workers work less hours than workers in other industrialized countries.