A price cut will decrease the revenue a firm receives if the demand for its product is

If the marginal tax rate rises above t * = 63%, tax revenue will decrease because

A) workers refuse to pay taxes since the tax rate is too high. B) workers are in the downward-sloping portion of labor supply. C) workers reduce working hours in response to the wage loss. D) None of the above.

Gradually people came to accept what kind of money because they believed that others would accept it also?

a. gold b. fiat money c. silver d. commodities