Competitive price-taker markets are characterized by
a. low entry barriers and a large number of firms selling a homogeneous product.
b. intense rivalry among firms selling differentiated products.
c. quality competition among firms and a wide variety of products.
d. advertising.
A
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One great challenge to choosing programs to fund is:
A. knowing whether the program is truly the cause of any observed improvement. B. raising the revenue to assess a program's viability. C. poor record keeping. D. All of these present large challenges.
Suppose the government of Marina aims to minimize the deadweight loss of subsidy. It should: a. provide a subsidy in a market with more inelastic demand. b. provide a subsidy in a market with unit elastic supply
c. provide a subsidy in a market with more elastic demand. d. provide a subsidy in a market with perfectly elastic supply.
Scenario: Gem Jewels Gem Jewels recently established a number of subsidiaries in various foreign countries aiming to build high levels of international business involvement in the coming years. Cultural training has to be given by the company to home-country managers assigned to work in the new subsidiaries. To teach its employees the values, attitudes, manners, and customs of the host-country culture, Gem Jewels should offer ________.
a. language training b. environmental briefings c. cultural assimilation d. field experience
Refer to the graph shown. Initially, the market is in equilibrium with price equal to $12 and quantity equal to 140. As a result of a per-unit tax imposed by the government, the supply curve shifts from S0 to S1. The effect of the tax is to:
A. raise the price consumers pay from $12 to $14. B. lower the price consumers pay from $14 to $12. C. lower the price sellers keep after paying the tax from $14 to $12. D. raise the price sellers keep after paying the tax from $12 to $14.