_____ is determined by subtracting exemptions and deductions from total income
a. Adjusted gross income
b. Taxable income
c. Tax base
d. Disposable income
b
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Which of the following would prevent a pharmaceutical manufacturer from successfully using price discrimination?
a. It's customers all have the same elasticity of demand for its drugs. b. The demand schedule for pharmaceuticals is horizontal. c. Low-price customers could resell the drugs to high-priced customers. d. All of the above.
If the price of mozzarella cheese (an ingredient in pizzas) declines due to a major technological breakthrough in the dairy industry, there would be:
A) a decrease in the supply of pizza. B) an increase in the supply of pizza. C) an increase in the quantity of pizza supplied. D) no change in the supply of pizza.
A monopolist maximizes profit by producing the output at which marginal revenue equals marginal cost.
Answer the following statement true (T) or false (F)
The Herfindahl-Hirschman Index is
A. calculated as the sum of the market shares for all firms in the industry. B. calculated as the sum of the market shares of the top four firms. C. calculated by summing the squared market share percentages for all firms in the industry. D. not used by the government in considering mergers.