Air travel from New York to Miami costs $300 and takes 6 hours. A bus ticket between the cities costs $150 and takes 56 hours. Other things constant, the minimum value of one's time that would induce a rational individual to fly rather than drive would be

In a laissez-faire economy, what determines the distribution of output?

What will be an ideal response?

The ability-to-pay principle of taxation:

A. has been declared unconstitutional because it deprives individuals of property without due process of law. B. suggests that people should pay taxes in proportion to the benefits they derive from public goods and services. C. suggests that taxes should vary directly with people's income and wealth. D. suggests that taxes should vary inversely with people's income and wealth.