Refer to the diagrams. The profit-maximizing firm's total wage cost:
A. is 0abc.
B. is 0Wbc.
C. is Wab.
D. cannot be determined.
B. is 0Wbc.
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The fact that the United States has grown _______ per year for the last hundred years is ______________.
A. 1 %; alarming and needs to be altered B. 2 %; alarming and needs to be altered C. 2 %; impressive and hopefully will continue D. 3 %; impressive and hopefully will continue
The level of pollution at which the marginal benefits equal the marginal cost of cleaning up is always
A) the zero pollution level. B) the optimal quantity of pollution. C) the pollution maximum. D) the pollution minimum.
The break-even price for a perfectly competitive firm is the price that is equal to
A) AVC. B) ATC. C) MC. D) MR
Tax incidence is the
A. structure of the tax. B. ultimate distribution of a tax's burden. C. behavior of shifting the tax to another party. D. measure of the impact the tax has on employment and output.