In the above figure, if the market is competitive and unregulated
A) more than the efficient amount of output will be produced.
B) less than the efficient amount of output will be produced.
C) the efficient amount of output will be produced.
D) the distribution of income will be fair.
B
Economics
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Suppose that the government enacts a tax on Good X. In order to estimate the effect of the tax on the quantity demanded of a related good, Good Y, we can use the concept of the:
A) price elasticity of demand. B) income elasticity of demand. C) cross-price elasticity of demand. D) cost elasticity of demand.
Economics
Based on the table demonstrating three tax systems, with these tax rates, which system(s) would bring in the lowest total revenue?
a. progressive
b. proportional
c. regressive
d. both regressive and proportional
Economics