Once a firm incurs diminishing marginal returns, total product will begin to decline as more of the variable input is employed

Exemptions are better off for the taxpayer than deductions _____

a. only in the case of housing-related tax preferences b. when itemizing deductions c. when taking the standard deduction d. for high-income taxpayers

What is one reason activists might lobby the government to force firms to produce more output than they normally would in a perfectly competitive market?

A) They value consumer surplus more than producer surplus. B) They value producer surplus more than consumer surplus. C) They seek to avoid future regulation. D) They seek to minimize total surplus.