The marginal seller is the seller who
a. cannot compete with the other sellers in the market.
b. would leave the market first if the price were any lower.
c. can produce at the lowest cost.
d. has the largest producer surplus.
b
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According to supply-side economists, lowering corporate income taxes:
a. results in wage hikes for employees but no economic growth. b. moves society toward greater income equality. c. checks the expansion of real GDP and employment. d. stimulates investment and economic growth. e. does not create enough incentive for producers to increase production.
Which of the following describes that people cannot examine every possible choice available to them but instead use simple rules of thumb to sort among the alternatives that happen to occur to them?
A. normative economics B. ceteris paribus C. self-interest D. bounded rationality