The revenue collected by an income tax is a function of the average tax rate

A perfectly competitive firm is a price taker because

A) many other firms produce the same product. B) only one firm produces the product. C) many firms produce a slightly differentiated product. D) a few firms compete. E) it faces a vertical demand curve.

When a binding price ceiling is imposed on a market, a. price no longer serves as a rationing device

b. the quantity supplied at the price ceiling exceeds the quantity that would have been supplied without the price ceiling. c. all potential buyers benefit. d. All of the above are correct.