The correct ranking of degree of market power (from highest to lowest) is
A. Oligopoly, monopoly, monopolistic competition, perfect competition.
B. Monopoly, monopolistic competition, oligopoly, perfect competition.
C. Monopoly, oligopoly, monopolistic competition, perfect competition.
D. Monopoly, monopolistic competition, perfect competition, oligopoly.
Answer: C
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The business structure in which organizations are fictitious legal entities whose formulation complies with specific state laws is known as a
a. sole proprietorship b. general and limited partnership c. subchapter S corporation d. C corporation e. limited liability corporation or partnership
Which of the following categories accounted for the lowest percent of the total federal government expenditures in recent years?
a. Income security. b. National defense. c. Education and health. d. Interest on the national debt.
Mixster Concrete Company is considering buying a new cement truck. The owners and their accountants decide that this is the profitable thing to do. Before they can buy the truck, the interest rate and price of trucks change. In which case do these changes both make them less likely to buy the truck?
a. Interest rates rise and truck prices rise. b. Interest rates fall and truck prices rise. c. Interest rates rise and truck prices fall. d. Interest rates fall and truck prices fall.
Figure 16-1
In Figure 16-1, there are four levels of income. G is government expenditures and TT is taxes less transfers. Y3 is the full-employment level of income. At Y3
a.
there is an official deficit but a structural budget balance.
b.
there is a structural deficit but an official budget surplus.
c.
the official and structural deficit are in balance.
d.
both the official and structural budgets show a deficit.