Excess supply in an unregulated market will cause the price of a product to fall.
Answer the following statement true (T) or false (F)
True
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The market for lawn services is perfectly competitive. Larry's Lawn Service cannot increase its total revenue by raising its price because ________
A) Larry's supply of lawn services is perfectly inelastic B) the demand for Larry's services is perfectly inelastic C) Larry's supply of lawn services is inelastic D) the demand for Larry's services is perfectly elastic
It is in society’s best interest that the MC of the last unit produced of a good is equal to its MU.
Answer the following statement true (T) or false (F)
Progressive income tax structures are based on interpersonal comparisons of burden
Indicate whether the statement is true or false
Which of the following would be a disadvantage of a sole proprietorship?
a. limited liability b. limited ability to raise funds to expand business c. too many people involved in decision making d. inability to produce more than one product e. inability to advertise