New firms will likely enter a monopolistically competitive market when price exceeds

Refer to Table 18-9. Sylvia is a single taxpayer with an income of $70,000. What is her marginal tax rate and what is her average tax rate?

A) marginal tax rate = 8%; average tax rate = 19.3% B) marginal tax rate = 30%; average tax rate = 22.5% C) marginal tax rate = 20%; average tax rate = 30% D) marginal tax rate = 30%; average tax rate = 30%

Assume, for Mexico, that the domestic price of beets without international trade is higher than the world price of beets. This suggests that, in the production of beets,

a. Mexico has a comparative advantage over other countries and Mexico will export beets. b. Mexico has a comparative advantage over other countries and Mexico will import beets. c. other countries have a comparative advantage over Mexico and Mexico will export beets. d. other countries have a comparative advantage over Mexico and Mexico will import beets.