A market situation where a small number of sellers compose the entire industry is called
a. monopolistic competition.
b. monopsony.
c. monopoly.
d. oligopoly.
D
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While in office, President Obama discussed raising income taxes for individuals earning over $250,000 in income. Explain how these higher income taxes would affect the aggregate demand curve
What will be an ideal response?
If the primary goal in implementing a tax is to maximize efficiency and minimize deadweight loss, the government should impose a(n):
A. income tax. B. lump sum tax. C. sin tax. D. proportional tax.
Pure monopoly is not studied because of its descriptive realism, but because it is a stepping stone toward more realistic models.
Answer the following statement true (T) or false (F)
Special interest group A receives a 1/10,000th slice of the economic pie (Real GDP). It is seeking a transfer of $1,000. For group A to be indifferent between a transfer policy and an economic growth policy, economic growth must be ________________ times larger than the _________________
A) 1,000; transfer B) 10,000; transfer C) 100; transfer D) 10,000; transfer minus $1,000 E) 1,000; transfer; minus $10,000