Products ________ in the oligopolistic market structure.
A. are always homogeneous
B. are always unique
C. are always differentiated
D. may be homogeneous or differentiated
Answer: D
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Corporate profits are taxed by state and local governments, but not by the federal government
Indicate whether the statement is true or false
Describe the consumer equilibrium in the indifference curve/budget line model
What will be an ideal response?
Government prohibition of advertising cigarettes on television would most likely result in
A) a rightward shift in the demand curve for cigarettes. B) a leftward shift in the demand curve for cigarettes. C) a rightward shift in the demand curve for television advertising time. D) no change in the market for either cigarette or television advertising.
When the market for a good is in equilibrium,
a. consumer surplus will equal producer surplus. b. the total value created for consumers will equal the total cost of production for business firms. c. all units valued more highly than the opportunity cost of production will be supplied. d. all units that have value will be produced, regardless of their cost of production.