In a competitive market, which of the following is a defining characteristic?
A. The firm sets its own prices.
B. The firm takes prices set by the government.
C. The firm can easily enter the market but not exit the market.
D. The firm is just one of many firms within that market.
Answer: D
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The longer you have to wait to receive a payment
A) the greater value it will have to you. B) the lower the interest rate you will charge on the payment. C) the less value it will have to you. D) the more you are willing to discount the payment.
A natural monopoly is characterized by the fact that its average costs increase rather than decrease when its output expands.
Answer the following statement true (T) or false (F)
The condition for utility maximization states that the marginal utility per dollar spent on any product must equal the marginal utility per dollar spent on other goods
a. True b. False Indicate whether the statement is true or false
Liabilities are:
A. anything of value one owns. B. current income minus spending on current needs. C. the debts one owes. D. saving minus investment.