What is the lowest price the firm would accept in the long run?
$21.10 (or $21)
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An across-the-board income tax cut where all income taxes were cut by a constant percentage would
A. necessarily go to higher-income people and alter the after-tax distribution of income in favor of high-income people. B. necessarily go to higher-income people. C. alter the after-tax distribution of income in favor of high-income people. D. by definition, keep the after-tax distribution of income relationships constant.
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
The common measure of wealth used in calculating the distribution of wealth includes
A) workers' claims on the Social Security system. B) workers' claims on private pension funds. C) financial assets. D) human capital.
If the graph shown represents Tina's budget constraint, which of the following consumption bundles can Tina not afford?
A. Three pairs of earrings and four hairbands
B. Two pairs of earrings and four hairbands
C. No earrings and six hairbands
D. Cannot answer this question without knowing Tina's income and the prices of the two goods