Arturo actually values his home at $120,000 and claims he values the home at $120,000. In an eminent domain situation, the government would pay Arturo ________ for his home

Refer to the above figure. Suppose this industry was perfectly competitive and then merged into one monopolistic firm. The monopoly would

A) raise price from P1 to P2. B) reduce output from Q3 to Q1. C) reduce output from Q2 to Q1 and raise price from P3 to P4. D) raise price from P1 to P4.

Which of the following provides the bulk of revenue for the federal government?

a. corporate income taxes and grants from state and local governments b. personal income and payroll taxes c. user charges and funds borrowed from the general public d. corporate income and sales taxes