Deadweight Loss of Taxation Notes Questions with Answers PDF Download - 67

In case there is no imposition of tax, the value of tax revenue will be equals to

1. unity
2. price
3. zero
4. infinity

The structure of a market that deals only with a single seller, selling a unique product or service is known as

1. oligopoly
2. free market
3. monopoly
4. imperfect market

When the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain the activity is known as

1. implicit cost
2. explicit cost
3. total profit
4. total cost

Price discrimination is very much effective when there are two condition i.e.

1. distinct markets and elasticity of demand varies
2. distinct markets and elasticity of supply varies
3. distinct markets and elasticity of demand is constant
4. distinct markets and elasticity of supply is constant

The type of equilibrium that deals with the determination of price and quantity of all the markets in economy is known as

1. general equilibrium
2. partial equilibrium
3. zero equilibrium
4. pareto efficiency