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Various amounts of a good being

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Please assist with these two part question. Your kind assistance will be appreciated

A) Economist Jones defines an increase in supply as a decrease in the prices needed to ensure various amounts of a good being offered for sale. Economist Brown defines an increase in supply as an increase in the amounts that producers will offer at various possible prices. Economist Clark defines an increase in supply as an increase in the amount firms will offer in the market which is caused by an increase in the price of the product. Which, if any, of these is defining an increase in supply correctly? Explain.

B) Suppose all firms in a perfectly competitive market structure are in long-run equilibrium. Then demand for the firms' product increases. Initially, price and economic profits rise. Soon afterward, the government decides to tax most (but not all) of the economic profits, arguing that the firms in the industry did not earn them-the profits were simply the result of an increase in demand. What effect, if any, will the tax have on market adjustment?

Reference no: EM131273748

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