The welfare cost of taxation is identical to the excess burden of taxation

A normal profit for a self-employed entrepreneur is I. an opportunity cost. II. part of the implicit rental rate of the funds invested in the business

A) only I B) only II C) both I and II D) neither I nor II

A price floor on corn would have the effect of

a. creating a surplus regardless of the level at which the price floor is set b. creating a surplus supply when the floor is above the equilibrium price c. creating a shortage when the price floor is set below the equilibrium price d. creating a shortage regardless of where the price floor is set e. ensuring a more equitable distribution of the good among consumers