Refer to the above graph. The level of output below which this firm will shut down is:

The period that elapses between the passage of legislation reducing taxes and the time the tax cut is put into effect is called the __________ lag

A) data B) wait-and-see C) legislative D) transmission

Refer to Figure 5.1. In which graph does a shift from BL1 to BL2 represent an increase in the consumer's income?

A. A

B. B

C. C

D. D