If the price buyers pay rises by a lesser amount than the tax, the burden...

Refer to Figure 12-1. If the firm is charging a price of $12 per unit

A) it is not selling any output. B) it is selling 700 units. C) it is making a profit. D) it breaks even.

If a city decides to lift restrictions on how many taxi cabs can operate, social welfare will increase

Indicate whether the statement is true or false