The total revenue curve for a perfectly competitive firm
a. is a vertical line intersecting the horizontal axis
b. is a horizontal line intersecting the vertical axis
c. starts part way up the vertical axis, then slopes upward in a backwards-S curve
d. is a straight line starting from the origin and sloping upward
e. starts at the origin, sloping upward at first and then sloping downward
D
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An increase in the average tax rate, with the marginal tax rate held constant, will
A) increase the amount of labor supplied at any real wage. B) not affect the amount of labor supplied at any real wage. C) decrease the amount of labor supplied at any real wage. D) increase the amount of labor supplied at any real wage if the average tax rate is above the marginal tax rate, but decrease the amount of labor supplied at any real wage if the average tax rate is below the marginal tax rate.
A proportional tax tends to:
a. reduce income inequality. b. increase overall income inequality. c. leave the income distribution essentially unchanged. d. increase income inequality among the rich. e. generate additional tax revenues for the government.