Oligopolists seldom change prices, because they don't like change
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose the demand curve for a good is downward sloping and the supply curve is upward sloping. At the market equilibrium, if demand is more elastic than supply in absolute value, a $1 specific tax will
A) raise the price to consumers by 50 cents. B) raise the price to consumers by less than 50 cents. C) raise the price to consumers by more than 50 cents. D) raise the price to consumers by $1.
Albro Martin and the text contend that the work of the Interstate Commerce Commission was largely for the benefit of _________
a. consumers b. the environment c. the federal government d. major shippers
If a 1 percent decrease in the price of product A brings about a 3 percent increase in the sales of product B, then:
A. products A and B are complementary. B. the cross elasticity of demand between these two products is positive. C. products A and B are substitutes. D. the demand for these products is inelastic.
Refer to the information provided in Table 19.3 below to answer the question that follows.
Table 19.3 
Refer to Table 19.3. The tax rate structure in this example is
A. proportional. B. progressive. C. regressive. D. marginal.