An auction in which the price announced by the auctioneer DESCENDS is called a(n)

Explain the "shoe-leather" costs of inflation

What will be an ideal response?

If the labor supply curve is very elastic, a tax on labor

a. has a large deadweight loss. b. raises enough tax revenue to offset the loss in welfare. c. has a relatively small impact on the number of hours that workers choose to work. d. results in a large tax burden on the firms that hire labor.