The excess burden of a tax is the amount paid by consumers.
Answer the following statement true (T) or false (F)
False
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A society must make three sorts of decision: what goods to produce, how to produce them, and how to distribute them.
Answer the following statement true (T) or false (F)
In the long run in a perfectly competitive industry
A) opportunity costs are negligible. B) economic profits will be zero. C) some firms will be experiencing economic losses. D) only entrepreneurs will earn more than their opportunity costs.
An escalation or automatic adjustment provision in a purchase contract for some good deters opportunistic behavior and automatically reallocates risk as its price changes
Indicate whether the statement is true or false
The demand for ice cream is very elastic. This fact indicates that the demand for ice cream workers is
a. one b. inelastic c. elastic d. seasonal e. recession-proof