The entry and exit of firms in a perfectly competitive market is mostly dependent on:
A) the number of firms in the market.
B) government regulations.
C) profitability.
D) the number of consumers in the market.
C
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The income elasticity of demand is the percentage change in the ________ divided by the percentage change in ________
A) quantity demanded; the price of a substitute or complement B) quantity supplied; price C) quantity demanded; price D) quantity demanded; income E) quantity demanded when income changes; the quantity supplied
Which of the following is a difference between an income tax and an excise tax on gasoline? a. An income tax exemplifies the ability to pay principle, while an excise tax on gasoline exemplifies the benefit principle. b. An income tax is based on a marginal tax rate, while an excise tax on gasoline is based on an average tax rate. c. An income tax is proportional, while an excise tax on
gasoline is progressive. d. An income tax increases consumer surplus, while an excise tax on gasoline increases producer surplus.
Say's law states that ________________.
Fill in the blank(s) with the appropriate word(s).
The aggregate supply curve shows the relationship between the:
A. unemployment rate and total production by firms. B. overall price level in the economy and the unemployment rate. C. inflation rate and the overall price level in the economy. D. overall price level in the economy and total production by firms.