There are 15 Federal Reserve District Banks
Indicate whether the statement is true or false
FALSE
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When a government imposes penalties on both sellers and buyers of an illegal good, the price of the good ________ and the quantity ________
A) falls; decreases B) falls; might increase, decrease, or not change C) rises; might increase, decrease, or not change D) might rise, fall, or not change; decreases
In the above table, which tax plan is proportional?
A) only plan A B) only plan B C) only plan C D) both plan A and plan C
Which of these contributes to the existence of monopoly power?
a. the control of critical resources b. legal barriers c. patents d. All of the above contribute to the existence of monopoly power.
Price should be
A) determined by equating average cost and marginal cost to determine quantity and then setting the price using that quantity and the demand curve. B) determined by equating marginal revenue and average revenue to determine quantity and then setting the price using that quantity and the demand curve. C) determined by equating marginal revenue and marginal cost to determine quantity and then setting the price using that quantity and the demand curve. D) determined by equating marginal revenue and long-run average cost to determine quantity and then setting the price using that quantity and the demand curve.