If the demand curve for a product is vertical, then
a. consumers will refuse to bear any share of tax burden.
b. producers will bear the larger share of the tax burden.
c. consumers will bear the entire tax burden.
d. producers and consumers will equally share the tax burden.
c
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Adam Smith argued that each person in a competitive market is led to promote the
A) efficient use of society's resources, because each person's intention is to make society better off. B) efficient use of society's resources, even though it is no person's intention to make society better off. C) inefficient use of society's resources, even though each person's intention is to make society better off. D) inefficient use of society's resources, because it is no person's intention to make society better off.
A fair price gets its name because it is the price at which
a. society values the marginal product in proportion to the cost of the resources used in production b. the marginal benefit of the last unit consumed is equal to the marginal value of the resources used to produce it c. the monopolist would make normal profit in a competitive market d. resources are distributed equitably e. normal profit would be made in any other market