Product differentiation
A) may allow firms to price above a competitive level.
B) generates value as consumers value more choices.
C) depends on perceived differences between products.
D) All of the above.
D
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Is the tax structure of the United States progressive at the Federal level, the state and local level, and combined? How do transfer payments affect the distribution of income?
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. Raising taxes in order to pay off the U.S. national debt would result in a significant redistribution of income. 2. Passing the debt on to future generations has a different impact on individuals than it does on the total economy. 3. Reducing the national debt would increase the money supply. 4. The actual deficit is a poor measure of fiscal policy. 5. The U.S. national debt has declined continuously as a percentage of GDP since World War II.