The breakfast cereals industry can be best modeled using the model of
A. monopoly.
B. perfect competition.
C. oligopoly.
D. monopolistic competition.
Answer: D
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The development of new financial securities or investment strategies using sophisticated models is known as
A) underwriting. B) factoring. C) financial engineering. D) hedging.
The Medicare tax is applied only to the first $87,000 of income
a. True b. False
Suppose the domestic market demand function in a certain market where Q is measured in thousands of units is Qd = 20 - 2.5P, and the domestic market supply function is Qs = 2.5P - 7.5. Suppose further that the world price for the good in question is $3.40 per unit. Under conditions of free trade, how much producer surplus will there be?
A. $26,450 B. $200 C. $400 D. $600
Some advocates of antipoverty programs claim that fighting poverty is a public good. Describe why government intervention may be necessary to reduce poverty