Which of the following market structures is characterized by the absence of market power?
A. Oligopoly.
B. Perfect competition.
C. Monopoly.
D. Monopolistic competition.
Answer: B
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For any company operating in a marketplace, the firm attempts to maximize the value of the company's worth by setting the output where
A. costs are lowest. B. MR = MC. C. P < AVC. D. AR = MC.
Consider a car dealership advertises a three-year lease at $250 per month. When you arrive to apply, you discover that the lease requires a down payment of $3600 dollars. You will undertake the lease if
A) you value the lease at least $350 per month. B) you value the lease at least $250 per month, the $3600 is a sunk cost. C) you value the lease less than $350 per month. D) you value buying a new car at $400 per month.
The forward exchange rate:
a. allows investors to be sure of the price at which they can trade forex in the future. b. is the rate at which a trader can purchase currency for immediate delivery. c. is the rate of discount that international banks get when they purchase. d. is the rate that speculators consider if they are looking for bargain prices .
If a tax system is progressive, then
A) the average and the marginal tax rates are equal. B) the marginal tax rate is greater than the average tax rate as income rises. C) the marginal tax rate is lower than the average tax rate as income rises. D) the average tax rate is constant, but the dollar amount paid in taxes increases as income increases.