The resources that a taxpayer devotes to complying with the tax laws are a type of
a. consumption tax.
b. value-added tax.
c. deadweight loss.
d. producer surplus.
c
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Which of the following shifts the supply curve rightward?
A) an increase in the population B) a positive change in preferences for the good C) a decrease in the price of the good D) a decrease in the price of a factor of production used to produce the good
An incumbent's threat to retaliate after a potential competitor enters the market will be taken seriously by potential competitors if
A) the incumbent can still earn a profit after carrying out the threat. B) the incumbent earns greater profit carrying out the threat than by accommodating entry. C) the potential entrant cannot earn a profit if the threat is carried out. D) the potential entrant's profit exceeds the incumbent's if the threat is carried out.