An example of a perfectly competitive industry is
A) a big city police department.
B) the market for corn in the United States.
C) the market for French impressionists' paintings.
D) the National Football League.
B
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The introduction of a tax in a perfectly competitive marketplace that is originally in equilibrium will lower total surplus.
Answer the following statement true (T) or false (F)
What is a key criterion involved in deciding a natural monopoly?
A. Size of the firm relative to its competitors B. Size of the firm relative to the total market demand for a product C. Magnitude of profits generated by the company D. A firm’s ability to adapt to market changes
The "Buy American" provision in the 2009 stimulus package required that stimulus money be spent only on U.S.-made goods, effectively acting as a quota of zero imports when stimulus money was being spent. The "Buy American" provision would ________
consumer surplus and ________ producer surplus for industries that produced protected products in the United States. A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
If a country has a trade deficit of $30 billion, which of the following can be true?
A. The country's exports are $150 billion, and its imports are $120 billion. B. The country's exports are $120 billion, and its imports are $140 billion. C. The country's exports are $140 billion, and its imports are $40 billion. D. The country's exports are $110 billion, and its imports are $140 billion.