When the total surplus lost as a result of a tax is less than the amount of tax revenue collected by the government there is a deadweight loss
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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Economics
In a perfectly competitive market that is in long-run equilibrium, which of the following will NOT occur?
A) Firms make only zero economic profit. B) Firms' owners earn a normal profit. C) The price equals the minimum average total cost. D) Entrepreneurs want to enter this industry.
Economics