When a firm is experiencing economies of scale
A) the MP curve slopes upward.
B) the LRAC curve slopes downward.
C) diminishing returns to labor have been suspended.
D) the MC curve slopes downward.
B
Economics
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Joseph earns $75,000. If his average tax rate is 18%, what is the total amount of money that he pays as tax?
A) $1,500 B) $13,500 C) $2,700 D) $15,000
Economics
(I) Positive economics cannot determine how much income inequality should be present in a country. (II) Critics of government action to reduce income inequality argue that modifying the market process of income determination may create perverse incentives and hurt wealth creation
a. Both I and II are true. b. Both I and II are false. c. I is true; II is false. d. I is false; II is true.
Economics