Perfect competition requires a non-standardized product.
Answer the following statement true (T) or false (F)
False
Perfect competition requires a standardized product so buyers can easily make comparisons.
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In the figure above, what would happen to the size of the multiplier if marginal income tax rates were increased?
A) The multiplier would fall in value and might become negative. B) The multiplier would not change in value. C) The multiplier would fall in value but would not become negative. D) The multiplier would rise in value. E) More information is needed to determine the effect on the size of the multiplier.
Production cannot occur without
a. saving b. government c. a market system d. low interest rates e. high interest rates
Until the mid-20th century, nearly all economic growth took place in
A. Canada and the United States. B. Australia and New Zealand. C. Japan. D. Hong Kong, Taiwan, South Korea, and Singapore.
An example of a sunk cost would be:
A. the price of a lift ticket you bought and used to ski the whole day. B. the nonrefundable deposit you put on your vacation rental. C. the price of a lift ticket you bought and used for 1 run before you fell and broke your ankle. D. All of these are examples of sunk costs.