A flat tax
A. Includes multiple tax brackets.
B. Encourages economic activity through deductions and credits.
C. Is a single-rate tax system.
D. Includes many tax loopholes.
Answer: C
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Which of the following describes a characteristic of a perfectly competitive market?
A) Equilibrium is achieved when demand for the product sold in the market equals the supply. B) There are many buyers and sellers. C) There are many sellers but few buyers. D) There are many buyers but few sellers.
Suppose that on a typical day, a restaurant owner usually sells 18 club sandwiches. However, after lowering the price of a club sandwich from $6.75 to $5.95, the owner discovered that sales increased to 23 sandwiches per day. Based on this information, the restaurant owner calculated that the demand elasticity for club sandwiches was approximately:
a. -0.05 b. -0.52 c. -1.94 d. -20.2