In a perfectly competitive market, a firm's short-run supply curve is
A) its total cost curve.
B) its marginal cost curve equal to or above the point of intersection with its average variable cost curve.
C) its average variable cost curve below the point of intersection with its total cost curve.
D) its total cost curve between the shutdown point and the break-even point.
B
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If GDP falls:
A) income and production must both fall. B) income and production must both rise. C) income must rise, but production may rise or fall. D) none of the above.
Which of the following is not advantage of a negative income tax?
a. A negative income tax is simple to administer. b. A negative income tax is equivalent to a cash transfer. c. A negative income tax retains the paternalistic nature of in-kind transfers. d. A negative income tax could replace many transfer programs.