If demand and supply both increase
A) the equilibrium quantity definitely will increase and market clearing price definitely will decrease.
B) the equilibrium quantity definitely will increase and market clearing price definitely will increase.
C) the equilibrium quantity definitely will increase but the change in market clearing price cannot be determined without more information.
D) market clearing price definitely will increase but the change in the equilibrium quantity cannot be determined without further information.
C
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Firms in monopolistic competition have rivals that
A) match their price increases. B) match their price decreases. C) agree on a common price. D) set their prices according to the demand curves they face.
The largest source of federal government revenue is
a. corporate income taxes b. individual income taxes c. payroll taxes d. sales and excise taxes e. tariffs on imported goods and other customs fees and duties