When a payroll tax is enacted, the wage received by workers
a. falls, and the wage paid by firms rises.
b. falls, and the wage paid by firms falls.
c. rises, and the wage paid by firms falls.
d. rises, and the wage paid by firms rises.
a
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Suppose chickens and beef cattle are produced by different companies on different sites
If bad weather causes an increase in the price of hay, a food eaten by beef cattle but not by chickens, the equilibrium price of beef will ________, and the equilibrium price of chicken will ________. A) stay the same; increase B) increase; decrease C) decrease; increase D) increase; increase E) decrease; decrease
For which of the following medical goods or services is the income elasticity of demand likely to be largest?
a. emergency services after a car accident b. measles shots c. physical examinations for life insurance applications d. medical tests to diagnose specific symptoms e. face-lifts