If scientific research produces a technological breakthrough in the production of computer memory, then
a. business costs will increase, profits will fall, and production will decrease.
b. business costs will fall, but profits will also fall, and production will decrease.
c. business costs will fall, profits will improve, and production will increase.
d. profits will increase, allowing businesses to cut back production.
c
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In monopolistically competitive industries
A) non-price competition through product differentiation is actively pursued by firms. B) product variety is the same as in perfectly competitive industries. C) firms do not respond to changes in consumer demand. D) firms' economic profits are protected by barriers to entry.
Explain the difference between a progressive income tax, a proportional income tax and a regressive income tax. Under which type of system is the federal income tax?