Natural gas is a natural monopoly. The figure above shows the market for natural gas in the city of Lucknow. When an average cost price rule regulation is imposed, the price per household per month is ________

Income taxes tend to be favored over sales taxes _____

a. because of the excess burden on income taxes b. on the benefit principle c. on equity grounds d. as long as income as defined using the Haig-Simons definition

An "experience good" is one that:

a. Only an expert can use b. Has undetectable quality when purchased c. Can be readily experienced simply by touching or tasting d. Improves with age, like a fine wine e. All of the above