As market price increases in the short run, a profit-maximizing firm in a perfectly competitive market will expand output along its:
a. marginal cost curve.
b. average total cost curve.
c. average variable cost curve.
d. market demand curve.
Question 2
If an excise tax is placed on a product that has a perfectly inelastic demand, then:
a. the entire tax will be paid by the consumer.
b. the entire tax will be paid by the producer.
c. the consumer and producer will each pay a share of the tax.
d. the incidence of the tax cannot be determined unless we know the coefficient of price elasticity of supply.
e. the tax is progressive.
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