In the European Union, resale price maintenance is generally illegal is the selling firm has more than a ________ percent market share of the product being sold or the buying firm makes more than a ________ percent market share of the product purchases.
A) 30; 30 B) 50; 50 C) 30; 50 D) 50; 30
A) 30; 30
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If a competitive firm has to pay a lump sum tax, it will produce less
Indicate whether the statement is true or false
Which of the following is true for a lower price elasticity of demand coefficient?
a. The market is broadly defined. b. The quantity demanded is more responsive. c. Few substitutes exist. d. Many substitutes exist. e. All of these.
A good or service that is forgone by choosing one alternative over another is called a(n):
a. explicit cost. b. opportunity cost. c. historical cost. d. accounting cost.
A production possibilities curve shows the
a. dollar costs of producing two different goods b. amounts of labor and capital needed to produce one good c. various combinations of goods that can be produced d. prices of different goods that are produced in an economy e. inefficient use of available resources and technology