The demand curve for the product of a perfectly competitive firm is

Consider an economy made up of 100 people, 60 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The number of unemployed persons is _____

a. 10 b. 15 c. 40 d. 30 e. 90

A tax has an excess burden whenever

a. people are unable to alter their behavior to avoid paying it. b. government seeks to raise it. c. it raises a great deal of revenue. d. it induces people to change their behavior.