Which of the following is true about the long run operations of perfectly competitive firms?
a. They produce with productive efficiency.
b. They produce with allocative efficiency.
c. They earn zero economic profits.
d. all of the above
Question 2
Taxes are one method of funding the poverty alleviation programs by the government. Which of the following is an important impact of taxes?
a. Taxes increase workers' incentives to work for longer hours.
b. Taxes raise the disposable income of the workers.
c. Imposition of taxes makes the government popular among the people.
d. Taxes reduce the opportunity cost of leisure.
e. Taxes reduce the demand for labor.
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