At macroeconomic equilibrium, total ________ equals total ________

If a typical firm in a perfectly competitive industry is earning profits, then

A) new firms will enter in the long run causing market supply to increase, market price to fall, and profits to decrease. B) all firms will continue to earn profits. C) the number of firms in the industry will remain constant in the long run. D) new firms will enter in the long run causing market supply to decrease, market price to rise, and profits to increase.

Chris had a before-tax income of $20,000 and paid taxes of $3,000 . Pat had a before-tax income of $10,000 and paid taxes of $1,000 . Based on this information, which of the following is correct?

a. the tax system is regressive b. the tax system is proportional c. the tax system is progressive d. the tax system is based on the benefits received e. there is insufficient information to answer the question