The figure above shows the market for tires. The government has imposed a tax on tires, and the buyers pay ________ of the tax

Holding all else constant, a country's standard of living will rise if its

A. nominal GDP grows at a faster rate than real GDP. B. nominal GDP grows at a slower rate than real GDP. C. the rate of population growth exceeds the rate of growth of real GDP. D. the rate of population growth is less than the rate of growth of real GDP.

Comment on the following statement: "Firms should maximize the difference between marginal revenue and marginal cost."

What will be an ideal response?