Answer:
Consumer surplus is $15.99.
Explanation:
Melanie decided to buy a coat priced $79.95.
When she brought a coat to the sales clerk, she found out that it is on a 20% discount and she has to $15.99 less than the original price.
This means that her consumer surplus is at least $15.99.
The consumer surplus is the difference between the maximum price a consumer is willing to pay and the price it actually pays.
Melanie was willing to pay $79.95. But she actually paid $63.96. The difference between the two is $15.99.
A regressive tax is <span>a tax in which the percentage paid decreases as income increases.</span>
Answer:
E. both industries represent price-making firms.
Explanation:
Monopolistic competition refers to an industry in which companies sell products or services that can be similar but they are not perfect substitutes which generates low entry barriers and they are price makers because they can influence prices given that there are not perfect substitutes for their product. According to this, the answer is that monopolistic competition is like monopoly in that both industries represent price-making firms because in a monopoly companies as in monopolistic competition, companies are able to influence the price of the product.
Answer:
1
Explanation:
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