1.One difference between sales and excise taxes is that: A .sales taxes are only

Question

1.One difference between sales and excise taxes is that: A .sales taxes are only applied at the state level, while excise taxes are only applied at the federal level. B .excise taxes apply to a wide range of products, while sales taxes apply only to a select list of products. C.sales taxes are calculated as a percentage of the price paid, while excise taxes are levied on a per-unit basis. D. excise taxes are calculated as a percentage of the price paid, while sales taxes are levied on a per unit basis 2.When a monopolistically competitive firm is in long-run equilibrium: A.P = MC = ATC. B.MR = MC and minimum ATC > P. C.MR > MC and P = minimum ATC. D.MR = MC and P > minimum ATC.

Explanation / Answer

D. excise taxes are calculated as a percentage of the price paid, while sales taxes are levied on a per unit basis

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