Refer to the scenario above. In this case, how much should Tom pay for a used iPhone?

The ________ tax is similar to the sales tax

A) payroll B) value-added C) wealth D) excise

One problem associated with a monopoly firm is that it

A) produces too little output but also charges a low price. B) produces too much output and charges too low a price. C) restricts output and charges a relatively higher price than a purely competitive firm. D) is just as good as a purely competitive firm in terms of output and price.