Platform businesses such as Google and Facebook:
A. are public utilities.
B. use data to retain market power.
C. do not face competition.
D. are highly regulated.
Answer: B
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Firms that have downward-sloping demand curves:
a. earn positive economic profits even in the long run. b. produce homogeneous products. c. operate in a perfectly competitive market structure. d. enjoy monopoly or market power. e. are price takers.
If the aggregate demand curve shifts to the left and the aggregate supply curve shifts to the right, the result will be a
A. decrease in the level of output. B. decrease in the price level. C. higher price level. D. higher unemployment rate.
Problems associated with thin markets provide incentives for:
A. buyers to seek information about identifying high-quality items. B. sellers to prove that the items they are selling are of high quality. C. buyers and sellers to agree upon a higher price than would hold in equilibrium. D. both buyers to seek information about identifying high-quality items and sellers to prove that the items they are selling are of high quality.
Refer to Scenario 19.2 below to answer the question(s) that follow.SCENARIO 19.2: An individual earning $40,000 pays $3,200 in taxes. The marginal tax rate on any income earned above $40,000 is 20%.Refer to Scenario 19.2. When this person earns $40,000, her average tax rate is
A. 8%. B. 12.5%. C. 20%. D. indeterminate from this information.