In the above table, which plan is a flat-rate tax?
A) only plan A
B) only plan B
C) only plan C
D) both plan A and plan C
A
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An optimizing consumer will select the consumption bundle in which the marginal rate of substitution
a. is equal to the relative price ratio of the goods. b. exceeds the marginal utility of each good by the greatest amount. c. is less than the slope of the budget constraint. d. All of the above are correct.
Refer to Figure 25.1 for an oligopoly firm. Assume that the existing price and quantity are $10 and 2,000 units. Which of the following statements is most likely correct?
A. Demand curves D1 and D2 both assume that rivals will not match any price changes. B. Demand curve D1 assumes that rivals match any price changes. C. Demand curves D1 and D2 both assume that rivals match any price changes. D. Demand curve D2 assumes that rivals match any price changes.