In the above table, when output increases from 8 to 12 units, the marginal cost of one of those 4 units is

Assume that you are in charge of an agrarian colony of an European nation. What are the different extractive policies which can be adopted to maximize the wealth of the home nation?

What will be an ideal response?

The more elastic the supply of a product, the more the actual burden of a tax on the product will:

a. fall on sellers. b. fall on buyers. c. fall equally on both buyers and sellers. d. create a smaller deadweight loss (or excess burden).