A restaurant charges its customers 12% of the total food price as tax. This is an example of a ________ tax

A line is tangent to a curve if it

a. crosses the curve at one point b. touches the curve at one point, without crossing it c. crosses the curve at a minimum of two points d. never touches the curve e. forms a right triangle with the curve

Suppose that the development of a new type of circuit lowers the costs of production in the microcomputer industry, which is perfectly competitive. The long-run effect will likely be

a. lower price and larger output b. lower price and smaller output c. higher price and larger output d. higher price and smaller output e. no change in price or output