Even with a tax, the price that consumers pay will be higher than what producers receive.

What does it mean for a firm to be suffering an economic loss? Does this imply that the firm is earning negative profit in the accounting sense? Explain

What will be an ideal response?

The income that people earn in resource or factor markets is called:

a. national income. b. personal income. c. disposable personal income. d. transfer payments. e. net national product.