A centrally planned economy has a planning authority that decides
A) how the products are produced. B) who receives the products.
C) what products to produce. D) all of the above.
D
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Which of the following taxes causes the greatest shift of the Lorenz curve toward the line of equality?
A) proportional income tax B) regressive income tax C) flat-rate income tax D) progressive income tax
A non-discriminating monopolist's marginal revenue curve lies below its demand curve because
a. economists put it there by convention b. in order to earn more profit, the monopolist must charge higher prices c. a monopolist gouges its customers d. in order to increase their profits, monopolists must produce in the inelastic range of the demand curve e. in order to increase the number of units sold, the firm must lower the price on all units sold