In the United States, the distribution of income after the income tax is ____ the distribution of income before the income tax
a. slightly less equal than
b. about as equal as
c. slightly more equal than
d. a great deal more equal than
c
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A monopoly will arise if
A) two out of three of a town's pizzerias go out of business and only one new pizzeria opens. B) the town council passes a law granting Nick's Pizza the exclusive right to operate in that town. C) Papa Joe's Pizza becomes the largest pizza producer in town and Nick's Pizza stays small in size. D) several big pizza chains force several small pizzerias out of business. E) people decide they like pizza more than before so some pizzerias gain new customers.
Explain how redistributing income creates a deadweight loss
What will be an ideal response?
Over the past 100 years, what has happened to the average workweek in the U.S. manufacturing industry? Why has this occurred? What are the implications for the size of the income and substitution effects?
What will be an ideal response?
The replacement of the phonograph by the cassette tape player and the eventual replacement of the latter by CD and MP3 players is an example of
a. economies of scale. b. planned obsolescence. c. diseconomies of scale. d. creative destruction.