If the marginal cost and marginal revenue curves intersect at two different points, then maximum profit occurs at
a. the output level where the MC curve crosses the MR curve from below
b. the output level where the MC curve crosses the MR curve from above
c. both points
d. an output level between the two points
e. an output level beyond the second point
A
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A) employment decreases. B) unemployment increases. C) production increases. D) income decreases.
In a progressive tax system
A) the marginal tax rate and the average tax rate are the same for every income level and the same as income increases. B) the marginal tax rate increase as income increases but the average tax rate does not change as income increases. C) the marginal tax rate and the average tax rate increase as income levels increase and the marginal tax rate exceeds the average tax rate. D) the marginal tax rate and the average tax rate decrease as income levels increase and the marginal tax rate is less than the average tax rate.