Assume Congress decides that oil companies are making too much profit and decides to increase the tax on oil companies for each gallon of gasoline produced. This would
A) guarantee a decrease in profits.
B) guarantee an increase in profits.
C) guarantee an increase in tax revenues.
D) None of the above.
D
Economics
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When a firm hires 10 units of labor, 20 pens are produced. When it hires another unit of labor, the total output increases to 23 pens. If the price of one pen is $2, the value of marginal product of the eleventh unit of labor is:
A) $1.50. B) $2. C) $4. D) $6.
Economics
The above figure shows the marginal benefits and marginal costs of a college education. If a voucher for $5,000 is given to the students, then colleges charge tuition of
A) $0. B) $5,000. C) $10,000. D) $15,000.
Economics