Under perfect competition, the demand curve facing a firm and the firm's marginal revenue curve are
a. vertical at the firm's chosen output level
b. both vertical, but the demand curve is further to the right than the marginal revenue curve
c. both vertical, but the marginal revenue curve is further to the right than the demand curve
d. both horizontal at the level of the market price
e. both horizontal, but the demand curve is above the marginal revenue curve
D
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If the marginal tax rate is greater than the average tax rate, the tax structure is described as regressive
Indicate whether the statement is true or false
___________ is the highest valued alternative that must be sacrificed to satisfy a want or attain something
a. Intangible resource b. Choice c. Opportunity cost d. Availability
When insurance companies use observable information about people to reveal private information, it is called ______.
a. adverse selection b. asymmetric information c. screening d. standardization
Net investment refers to
A. exports minus imports. B. the change in investment spending and the change in government expenditures on infrastructure. C. the change in inventories over a 1-year period. D. the change in the capital stock after subtracting out depreciation.