A familvs tax liabilitv is the amount of money it owes in ta

A familv\'s tax liabilitv is the amount of money it owes in taxes. O a. True b. False

Solution

a) \"True\"

The total amount which the family owns as the tax is the family tax liability.

b) \"True\"

The higher the price the higher the producer surplus will be made by the producer.

c) \"True\"

It is the total surplus of the market.

d) \"True\"

Opportunity cost is what we could have done if not doing the present activity.

e) \"False\"

That is the budget deficit.

f) \"True\"

g) \"False\"

Market failure is when there is a mismatch between the demand and supply of things.

h) \"False\"

It can make the produce costlier but it will not reduce the size of the market,