Which of the following is not a characteristic of the structure of perfectly competitive markets?
a. Each individual firm is small in size relative to the overall market.
b. Few sellers.
c. Homogeneous product.
d. Easy, low cost entry and exit.
b
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Tax multiplier:
What will be an ideal response?
Microsoft's success over Apple although Apple had a technologically superior product is the result of:
a. increasing returns in a network-based business b. Microsoft's economies of scale over a wide range of output c. the revenue sources derived from Microsoft's intellectual property d. superior marketing and promotions e. all of the above
When the government imposes taxes on buyers or sellers of a good, society
a. loses some of the benefits of market efficiency. b. gains efficiency but loses equality. c. is better off because the government's tax revenues exceed the deadweight loss. d. moves from an elastic supply curve to an inelastic supply curve.
The relative concept of poverty means that poverty will never be eliminated.
Answer the following statement true (T) or false (F)