The above figure shows the market for anti-freeze. The government imposes the sales tax shown in the figure on sellers. Anti-freeze sellers would pay a larger part of this tax than what is shown in the figure if the

The logic of the wealth effect begins with a change in the price level changing the interest rate.

a. true b. false

If economies of scale are relatively unimportant in an industry, the typical firm's long-run average total cost curve will reach a minimum at a level of output that is a ________ fraction of total industry sales. The industry will be ________

A) large; competitive B) small; an oligopoly C) large; an oligopoly D) small; competitive