Which of the following statements about the above figure is TRUE?
A) Point A is equally preferred to point C.
B) Point B is equally preferred to point C.
C) Point C is preferred to point A.
D) Point A is preferred to point C.
C
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What is a monopoly? Can a firm be a monopoly if close substitutes for its product exists?
What will be an ideal response?
A tax system in which the average and marginal tax rates are the same for every level of taxable income and every change in income is an example of
A) regressive taxation. B) proportional taxation. C) progressive taxation. D) premium taxation.
The government sometimes creates an excess demand for a product by setting a maximum price at which the product may be sold to consumers. This is sometimes called a:
A. price ceiling. B. price floor. C. tax. D. subsidy.
A decrease in demand and an increase in supply will:
A. Affect price in an indeterminate way and decrease the equilibrium quantity B. Increase price and affect the equilibrium quantity in an indeterminate way C. Decrease price and affect the equilibrium quantity in an indeterminate way D. Increase price and increase the equilibrium quantity