A firm in a price-taker market:
a. must take the price that is determined in the market.
b. must reduce its price if it wants to sell a larger quantity.
c. must be large relative to the total market.
d. can exert a major influence on the market price.
a
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Suppose we shopped for a basket of goods in Year 1 and it cost $350 . Suppose the same basket of goods adds up to $385 in Year 2 . If we use Year 1 as a base year, what would be the Year 2 CPI?
a. 35. b. 90. c. 100. d. 110. e. 135.
If tax revenues from a tax on wine, beer, and hard liquor are used to pay for healthcare expenses related to liver damage, the alcohol tax could be justified using the __________
Fill in the blank(s) with correct word
Henry George advocated each of the following except that
A. all land should be free. B. all rents should be taxed away. C. the government should raise all its tax revenue from a single tax on land. D. since land did not really belong to the landlords, rent was an unearned surplus.
Today, no country fixes its currency to gold.
Answer the following statement true (T) or false (F)