Figure 4-25
Refer to . Consumer surplus before the tax was levied is represented by area
a.
A.
b.
A + B + C.
c.
D + E + F.
d.
F.
b
Economics
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In the long run, a firm in monopolistic competition will
A) make a negative economic profit, that is, an economic loss. B) make zero economic profit, that is, a normal profit. C) make a positive economic profit. D) None of the above answers is necessarily correct because the amount of the profit or loss depends on the slope of the demand curve.
Economics
If the tax rate remains the same as the base increases, the income tax structure is said to be: a. proportional
b. lump-sum. c. negatively skewed. d. progressive. e. regressive.
Economics