The theory of monopolistic competition was developed in two separate models by
A) Adam Smith and David Ricardo.
B) John Kenneth Galbraith and John Maynard Keynes.
C) Edward Chamberlin and Joan Robinson.
D) Roger Leroy Miller and Paul Samuelson.
C
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A firm that charges a very low price would be practicing predatory pricing if
a. the price allowed only a small profit. b. the price would only be profitable if it succeeded in driving a rival out of the market. c. the price allowed profits that were positive but below those earned by other firms. d. it only offered the low price to its rivals' customers.
In the context of aggregate supply, the short run is defined as the period during which
a. some prices are set by contracts and cannot be adjusted. b. prices can change, but neither aggregate supply nor aggregate demand can shift. c. individuals have sufficient time to modify their behavior in response to price changes. d. quantity changes cannot occur in response to changes in relative prices.
Which of the following explains why flood control is a public good?
A. There are external benefits associated with its consumption. B. Flood control is paid for by taxpayers. C. It is not divisible and therefore cannot be kept from people who do not pay. D. The private sector usually produces flood control projects.
How are corporate profits taxed in the United States?
A) Earnings are taxed first by state sales taxes and then as corporate profits at the Federal level. B) Earnings are taxed first as personal income then as corporate profits at the Federal level. C) Earnings are taxed first as corporate profits then as personal income after dividends are paid. D) Corporate profits are not taxed at all.