The excise tax on gasoline is an example of a tax based on the ability-to-pay principle

Under which one of the following market structures are sellers most likely to consider the reaction of rival sellers when they set the price of their product?

a. Perfectly competition. b. Monopoly. c. Monopolistic competition. d. Oligopoly.

Real GDP means GDP:

A. valued at prices in a base year. B. that does not change from year to year. C. corrected for changes in quality. D. valued at prices at which goods are actually sold.