An individual's demand curve for a good is derived by varying the
a. income level and observing the resulting total utility derived from both goods.
b. price of one good and observing the resulting quantities of the other good.
c. budget line to the left and calculating the loss in total utility.
d. price of one good and observing the resulting quantities demanded of that good.
d
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All of the following occur whenever a government taxes a product except
A) the quantity consumed of that product falls. B) the price of that product rises. C) there will be no excess burden if the government's tax revenue is sufficiently large to offset the deadweight loss. D) the marginal benefit of the last unit sold exceeds the marginal cost of producing it.
If a firm sells its output at a price greater than AC, it will earn economic profit
a. True b. False Indicate whether the statement is true or false