The knowledge and skills that make workers productive are referred to by economists as:

New reports indicate that eating turnips helps people remain healthy. The news shifts the demand curve for turnips rightward. In response, new farms enter the turnip industry

During the period in which the new farms are entering, the price of a turnip ________ and the economic profit of each existing firm ________. A) rises; rises B) rises; falls C) falls; rises D) falls; falls

Refer to the diagram. Supply-side economists believe that tax rates are typically:

A.  such that an increase in tax rates will increase tax revenues.
B.  at some level below b.
C.  at some level above b.
D.  at d.