A $2.00 tax levied on the sellers of birdhouses will shift the supply curve
a. upward by exactly $2.00.
b. upward by less than $2.00.
c. downward by exactly $2.00.
d. downward by less than $2.00.
a
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A firm that sells its output and hires its labor in perfectly competitive markets
a. controls the price of its output, but accepts the wage rate it pays as given b. controls both the price of its output and the wage rate it pays c. controls the rate it pays, but accepts the price of its output as given d. accepts both the price of its output and the wage rate it pays as given e. controls the price of its output, the wage rate it pays, and its own output level
U.S. antitrust laws view monopolies as undesirable because
A) monopolies restrain trade and promote inefficiencies. B) monopolies create inferior products. C) monopolies produce only capital goods. D) monopolies produce only cheap, low quality goods.