All of the following aim to reduce income inequality EXCEPT
A) Social Security payments.
B) earned income tax credits.
C) regressive taxes.
D) food stamp programs.
C
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Firm A charges $8.50 for each unit of Good X. If the average total cost of producing 1,000 units of Good X is $12 and the market for Good X is monopolistically competitive, Firm A ________ by producing 1,000 units of Good X
A) earns a profit of $3,500 B) earns a profit of $1,000 C) incurs a loss of $1,000 D) incurs a loss of $3,500
If firms must pay full liability for accidents plus punitive damages, then
a. the private costs of firms' activities will be equal to the social costs. b. firms will have an incentive to make efficient choices. c. social welfare will be higher than if no punitive damages were assessed. d. firms will undertake less activity than would be socially optimal.