In practice, it is difficult to integrate the concept of vertical equity into the tax code although it is widely agreed that high-income individuals should pay more

The marginal revenue curve of a monopolistic competitor ________

A) lies above the demand curve B) lies below the demand curve C) is the same as the demand curve D) is the same as the supply curve

If market signals result in pollution beyond the optimal level, then

A. The economy experiences government failure. B. The government is allocating resources inefficiently. C. The market mechanism has failed to achieve efficiency. D. A laissez faire approach will reduce the level of pollution.