In the above figure, assuming Firm 1 and Firm 2 are the sole producers in the industry, the industry quantity supplied at price P2 is equal to

The individual income tax, the inheritance tax, and the head tax are all examples of direct taxes

a. True b. False Indicate whether the statement is true or false

A decrease in the average price level of an economy leads to a decrease in: a. the purchasing power of wealth. b. interest rates

c. aggregate expenditure. d. government spending.