The benefits-received principle of taxation is most evident in:
a. progressive tax rates.
b. the corporate income tax.
c. the personal income tax.
d. excise taxes on gasoline.
d
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At any point where a monopolist's marginal revenue is positive, the downward-sloping straight-line demand curve is:
a. perfectly elastic. b. elastic, but not perfectly elastic. c. unit elastic. d. inelastic.
A construction company has built 30 houses so far this year at a total cost to the company of $7.5 million. If the company builds a 31st house, its total cost will increase to $7.76 million. Which of the following statements is correct?
a. For the first 30 houses, the average cost per house was $250,000. b. The marginal cost of the 31st house, if it is built, will be $260,000. c. If the company can experience a marginal benefit of $275,000 by building the 31st house, then the company should build it. d. All of the above are correct.