The European Currency Unit (ECU) acted as a means of payment

Indicate whether the statement is true or false

FALSE

Economics

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The above figure shows the domestic market for tomatoes. Suppose this market is isolated from global competition and there is a support price set at $16. In this figure, what area equals the total subsidy paid to tomato farmers?

A) area E B) area B + area C + area D + area F C) area C + area D + area E + area G D) area A E) area F

Economics

What do economists mean when they use the phrase "excess burden" as it relates to taxes?

What will be an ideal response?

Economics