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What would happen if the tax was paid

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Reference no: EM13159386

Using relevant diagrams, describe the effect of the introduction, in a competitive market, of a recurring lump-sum tax collected on the firms:

1. In the short run: on the market (market price, quantities, number of firms) and on the firms (changes in cost curves, output, prices, profits).

2. In the long run: on the market (market price, quantities, number of firms) and on the firms (changes in cost curves, output, prices, profits). What would happen if the tax was paid once only instead?

Reference no: EM13159386

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