Refer to the scenario above. If they are the only bidders in the auction, Tom will no longer bid when bidding reaches ________

The Social Security tax is a tax that Congress imposes equally on both employers and employees. Does this mean that the burden of this tax is shared equally between firms and workers? Explain

What will be an ideal response?

Which of the following is a rival good that is nonexcludable?

a. public good b. private good c. common resource d. none of the above