Which of the following statements regarding a competitive market is not correct?
a. There are many buyers and many sellers in the market.
b. Firms can freely enter or exit the market.
c. Price equals average revenue.
d. Price exceeds marginal revenue.
d
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In order to increase tax revenue, the government of Quorta decides to impose an excise tax. Which of the following goods should it tax?
a. Candy b. Beer c. Gasoline d. Restaurant meals
An aggregate supply curve represents the relationship between the:
a. Price level that producers are willing to accept and the price level buyers are willing to pay b. Price level and the production of real domestic output c. Price level and the buying of real domestic output d. Real domestic output bought and the real domestic output sold
The Chinese government's intervention in the foreign exchange market by buying U.S. dollars and selling yuan had the effect of
A. weakening the yuan to decrease the U.S. trade deficit with China. B. weakening the U.S dollar to increase the U.S. trade deficit with China. C. strengthening the yuan to decrease the U.S. trade deficit with China. D. strengthening the U.S dollar to increase the U.S. trade deficit with China.
In making labor supply decisions, ________ weigh the market wage against the value of leisure and time spent in unpaid household production.
A. households B. businesses C. financial markets D. None of the above is correct.