Refer to Table 20.1. George is a single taxpayer with an income of $65,000. If George had received a raise of $3,500 at the beginning of the year, his marginal tax rate would be

If a firm is currently equating MR and MC and product price = $24, AVC = $22, and ATC = $26, then in the long run this firm:

a. will continue to operate at a loss. b. will earn a positive profit. c. will go out of business. d. should increase output. e. should decrease price.

Which of the following factors explains why managers of government agencies (the public sector) have little incentive to operate efficiently?

a. It is relatively easy for voters to detect operational inefficiency in the public sector and do something to correct it. b. Public-sector managers face fierce competition. c. Public-sector managers have no fear of losses and bankruptcy when operational efficiency is not achieved. d. All of the above explain why government agencies have little incentive to be efficient.