When the supply of a good decreases and its demand increases by the same amount:
a. Price will change in the same direction as the shift in demand
b. Price will change in the same direction as the shift in supply.
c. Quantity exchanged will change in the same direction as the shift in supply.
d. Quantity exchanged will change in the same direction as the shift in demand.
a
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Which is the main difference between perfect competition and monopolistic competition?
(A) In perfect competition, the prices are set by the government. (B) In monopolistic competition, there are fewer sellers and more buyers. (C) In monopolistic competition, sellers can profit from the differences between their products and other products. (D) In perfect competition, the buyer is free to buy from any seller he or she chooses.
If you pay $2,000 in taxes on an income of $20,000, and a tax of $2,700 on an income of $30,000, then over this range of income the tax is
A) regressive. B) proportional. C) progressive. D) There is insufficient information to answer the question.