(Consider This) A value-added tax (VAT):
A. is another name for a retail sales tax but is otherwise the same.
B. is like a sales tax but is only imposed on the difference between a firm's sales and its
purchases from other firms.
C. is like an income tax but is only imposed on the difference between a person's income and
his or her consumption.
D. only applies to imported goods.
Answer: B
Economics
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It is possible for a firm to enjoy a short-run producer surplus, while at the same time suffering a short-run economic loss
a. True b. False
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