A general-equilibrium analysis of the impact of a tax on the peanut butter market would include an investigation of the impacts in

A shortage is the same as an excess demand

a. True b. False Indicate whether the statement is true or false

The deadweight loss of an income tax is determined by the

a. amount of total tax revenue to the government. b. marginal tax rate. c. average tax rate. d. ability-to-pay principle.