In which market structures is the firm able to earn long-run economic profits?
A) perfect competition and monopolistic competition
B) monopolistic competition and oligopoly
C) oligopoly and monopoly
D) monopolistic competition, oligopoly and monopoly
Answer: C
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A consequence of a negative externality is that social costs __________ private costs, and the socially optimal level of output __________.
A. equal; is not equal to social costs or private costs B. do not equal; is obtained C. do not equal; is not obtained D. equal; is obtained E. equal; is not obtained
Among non-Hispanic whites, blacks, and Hispanics, the group with the highest poverty rate is ______.
Fill in the blank(s) with the appropriate word(s).
The current account section in a nation's balance of payments includes:
A. its goods exports and imports, and its services exports and imports. B. foreign purchases of domestic assets. C. purchases of foreign assets. D. all of these.
When each firm is liable for taxes on total sales but can claim the taxes already paid by suppliers as a credit against liability we are using the
A. reserve method. B. chain method. C. invoice method. D. VAT method.