Microeconomics

Technological efficiency is A) a necessary and sufficient condition f

Technological efficiency is A) a necessary and sufficient condition for profit maximization. B) a sufficient but not necessary condition for profit maximization. C) a necessary but not sufficient condition for profit maximization. D) a theoretical construct with little connection to the real world.   ANSWER C  

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Date: September 9th, 2020

The belief that a cut in the income tax rate must raise government inc

The belief that a cut in the income tax rate must raise government income tax revenue has the implicit assumption that A) higher income tax reduces the number of hours worked. B) higher income tax increases the number of hours worked. C) leisure is always an inferior good. D) None of the above.   ANSWER […]

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Date: September 9th, 2020