Rents can be derived from any factor used in production
Indicate whether the statement is true or false
T
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Appendix: Research suggests that an auction for a private value item will yield the HIGHEST payout if:
a. we use a Dutch auction b. we use an English auction c. we use only cash, and not allow credit cards d. use a fixed price
Suppose the marginal tax rate is 37 percent for an income level of $50,000 and 39 percent for an $80,000 income. This implies that the underlying tax structure is _____ in nature
a. fixed b. progressive c. regressive d. lump-sum e. proportional
Changes in nominal GDP always reflect changes in real output.
Answer the following statement true (T) or false (F)
A firm in a perfectly competitive market:
a. ?can decrease its supply to increase the market price. b. ?can increase its supply to lower the market price. c. ?has to accept the market price for its product. d. ?has to lower the price of its product to sell more output. e. ?can raise the price of its product and sell more output.