Figure 4-24
Refer to . The price that buyers pay after the tax is imposed is
a.
P1.
b.
P2.
c.
P3.
d.
impossible to determine from the figure.
c
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A straight-line isoquant
A) is impossible. B) would indicate that the firm could switch from one output to another costlessly. C) would indicate that the firm could not switch from one output to another. D) would indicate that capital and labor cannot be substituted for each other in production. E) would indicate that capital and labor are perfect substitutes in production.
Microeconomics is the branch of economics that concerns
a. the overall health of the economy b. the behavior of individual households, firms, and governments c. the overall level of trade between nations d. local governments only e. the general level of output