If taxes are already high, the lower the marginal excess burden of any additional taxes will be
a. True b. False
b
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Suppose there are four firms in a market and each of them sell differentiated products. Does it make sense for these firms to engage in a price war? Why or why not?
What will be an ideal response?
The Great Northern railroad was privately managed well by James J. Hill (1889) and never went bankrupt
Indicate whether the statement is true or false
If the factor supply curve facing a monopolist is the market supply curve, and if the market supply curve is an upward sloping straight line, the marginal expenditure curve
A) lies below the market supply curve. B) lies above the market supply curve. C) is the market supply curve. D) crosses the market supply curve at the market wage rate. E) either A or B is possible.
The use of abstraction in economics is analogous to the use of a road map providing directions to a location.
Answer the following statement true (T) or false (F)