A competitive market structure differs from the monopoly, oligopoly, and monopolistic competition structures in the
A) producers' ability to set price.
B) profit maximization condition.
C) amount of long run profit.
D) entry conditions.
A
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Indicate whether the statement is true or false
The difference between the gross public debt and the net public debt is
A) the sum of all previously accumulated government budget deficits and surpluses. B) the sum of all previously issued U.S. government securities that have been purchased by foreign residents. C) all private-sector borrowing from private sources. D) all government interagency borrowing.
When a tax is imposed on a good for which the supply is relatively elastic and the demand is relatively inelastic, a. buyers of the good will incur most of the burden of the tax
b. sellers of the good will incur most of the burden of the tax. c. buyers and sellers will each incur 50 percent of the burden of the tax. d. the equilibrium quantity will increase.
Trade restrictions have been defended on the grounds that they
a. raise prices domestically and thus benefit consumers b. increase imports c. lower prices domestically and thus benefit consumers d. decrease product quality in domestic markets e. protect domestic infant industries