An efficient point of production is
A. the point where scarcity no longer exists.
B. a point inside the production possibilities curve.
C. the point where we are currently producing.
D. a point on the production possibilities curve.
Answer: D
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Predatory pricing:
A. is an aggressive business move to maintain market power. B. was used by DeBeers to maintain control over the diamond market. C. is when a firm intimidates others to maintain the high prices the largest firms set. D. All of these statements are true.
Many economists believe that a nationalized firm tends to be inefficient because
a. it sets P = MC b. it makes economic profits c. tax revenues cannot be used to subsidize the firm d. managers have strong incentives to excel e. the government cannot go bankrupt
Horizontal equity means that equally situated individuals should be taxed equally
a. True b. False Indicate whether the statement is true or false
At equilibrium, quantity demanded equals quantity supplied.
Answer the following statement true (T) or false (F)