Billionaires get most or all of their income from
A. wages and salaries.
B. property.
C. government transfer payments.
B. property.
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The main objective of the members of a cartel is to
A) earn economic profits. B) produce efficiently. C) make the industry more competitive. D) obtain a patent.
The negative externality in a pesticide or other chemical market
a. is associated mainly with production of the chemical b. is primarily a consumption externality c. should be modeled as a marginal external cost (MEC) d. is appropriately captured by the MSC function
Which of the following is always a characteristic of the oligopoly market structure?
a. Easy, low-cost entry and exit. b. Few sellers. c. All sellers produce identical products. d. Many sellers, each small in size relative to the overall market.
If the MPC is 0, then the multiplier is
a. 0. b. 1. c. infinite. d. None of the above is correct.