Firms under perfect competition produce:
a. homogeneous products.
b. unique products.
c. either standardized or differentiated products.
d. differentiated products.
e. antique products.
a
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As the economy expands, the collection of personal income tax revenues automatically rises. This relationship best describes how the progressive income tax system:
A. increases crowding out in the economy. B. offsets the timing problem for fiscal policy. C. decreases real interest rates in the economy. D. provides built-in stability for the economy.
Identify the factors that affect elasticity of demand
What will be an ideal response?
A point inside the production possibilities curve is ____ while a point outside the curve is ____
A. Attainable; unattainable B. Unattainable; attainable C. Below the maximum possible; the maximum possible D. The maximum possible; below the maximum possible
Public Broadcasting, in its fund drives, often appeals to viewers by saying, "without you, there will be no Big Bird." This is likely to ________ the free-rider problem and lead to a ________ level of contribution to the public good.
A. increase; smaller B. increase; larger C. reduce; smaller D. reduce; larger