________ are likely a fixed cost of a firm.
A. Expenses for holiday office parties
B. Utility costs
C. The costs of raw materials used in production
D. Mortgage payments for a new warehouse
Answer: D
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Which of the following taxes contributed the greatest percentage of total federal government tax revenues in recent years?
a. Individual income taxes. b. Corporate income taxes. c. Social Security taxes. d. Excise taxes.
How do spending levels impact the economy in an inflationary period?
A. Overall spending generally remains unchanged. B. Consumers and businesses spend less. C. Consumers spend less, but businesses tend to spend more. D. Consumers keep spending no matter what; businesses are more cautious
Suppose that the price of a donut is $1 each. Lorena is willing to pay $2 for the first donut, Ricky is willing to pay $1.80 for the second donut, Jennifer is willing to pay $1.50 for the third donut, and Betty is willing to pay $1.20 for the fourth donut. In equilibrium, what is the total consumer surplus from the consumption of donuts?
A. $2.40 B. $2.50 C. $3.50 D. $3.60
In the 1920s and 1930s, economists became increasingly aware that there were industries that did not fit the model of perfect competition or pure monopoly. Two separate theories of monopolistic competition resulted. Edward Chamberlin of Harvard published
the Theory of Monopolistic Competition in 1933. Chamberlin defined monopolistic competition as A) a relatively large number of producers offering similar but differentiated products. B) a relatively small number of producers offering similar but differentiated products. C) a market situation in which a large number of firms produce identical products. D) a market situation in which a small number of firms produce similar products.