The reduction of a tax
a. could increase tax revenue if the tax had been extremely high
b. will always reduce tax revenue regardless of the prior size of the tax
c. will have no impact on tax revenue
d. causes a market to become less efficient
a. could increase tax revenue if the tax had been extremely high
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For a public good, the marginal social benefit curve is the ________ summation of all the individual marginal benefit curves
For a private good, the marginal social benefit curve is the ________ summation of all the individual marginal benefit curves. A) horizontal; vertical B) vertical; horizontal C) vertical; vertical D) horizontal; horizontal
Monopolistic competition exists when there is one large firm in an otherwise perfectly competitive market
a. True b. False