A subsidy is defined as
a. a payment that must be made to the government whenever a good or service is sold.
b. the number of trades that are eliminated from a market when a tax is imposed.
c. the difference between total revenue and total cost for a business firm.
d. a payment to either the buyer or seller of a good or service, usually on a per-unit basis, when a good or service is purchased.
D
Economics
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In the above figure, a black market emerges with a
A) price ceiling of $4. B) price floor of $2. C) price floor of $4. D) a rationed quantity 30.
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Money supply would expand if people chose to hold borrowed funds in cash rather than in checking accounts
a. True b. False Indicate whether the statement is true or false
Economics