The main categories of taxes levied by the ______________ government are individual income taxes, corporate income taxes, and social insurance and retirement receipts.

If a firm in a perfectly competitive market raises its price

A) it will sell more products. B) it will sell fewer products. C) its sales will remain unchanged. D) it will sell nothing.

The ability to set a price greater than marginal cost guarantees an economic profit for the monopolistic competitor (assuming P > AC)

Indicate whether the statement is true or false