Income earned by entrepreneurs is described as
a. total revenue
b. profit
c. average revenue
d. marginal revenue
e. interest
B
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If a tax on 5 cents a tomato lowers the price received by tomato sellers by 5 cents a tomato , then the supply of tomatoes is perfectly ___ and the seller pays ____
A) inelastic; all B) elastic; all C) inelastic; some of D) inelastic; none of E) elastic; none of
If the quantity supplied is the same regardless of price, then supply is
a. elastic. b. perfectly elastic. c. perfectly inelastic. d. inelastic.
A proportional tax is one in which the fraction of income paid in taxes rises as a person’s income increases.
Answer the following statement true (T) or false (F)
Use the above figure. When the budget line rotates from "b" to "c"
A. the price of product K increases and the quantity demanded of product K decreases. B. the price of product J increases and the quantity demanded of product J decreases. C. the price of product K decreases and the quantity demanded of product K increases. D. the price of product J decreases and the quantity demanded of product J increases.