A firm's marginal resource cost curve is
a. horizontal only if the firm is a price taker in the product market
b. horizontal only if the firm is a price taker in the resource market
c. vertical only if the firm is a price taker in the product market
d. vertical only if the firm is a price taker in the resource market
e. horizontal only if the firm is a price taker in both the product and resource markets
B
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In a market supply and demand graph, the socially efficient outcome occurs
a. Where the private marginal benefits intersect with the social marginal costs b. Where the private marginal benefits intersect with the private marginal costs c. Where the social marginal benefits intersect with the social marginal costs d. Where the social marginal benefits intersect with the private marginal costs e. Where externalities are maximized
In the above table, which tax plan is regressive?
A) only plan A B) only plan B C) only plan C D) both plan A and plan C