If there is a permanent decrease in demand in a perfectly competitive market, then there is an initial ________ in price and existing firms ________

If the money price of hats rises and no other prices change, the I. relative price of a hat rises. II. opportunity cost of a hat rises

A) only I B) both I and II C) only II D) neither I nor II

The benefits-received principle of taxation is most evident in:

a. progressive tax rates. b. excise taxes on gasoline. c. the personal income tax. d. the corporate income tax.