Objective
What will be an ideal response?
Facts, provable or disprovable
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The marginal tax rate is:
A. the difference between the total tax rate and the average tax rate. B. the percentage of total income paid as taxes. C. change in taxes/change in taxable income. D. total taxes/total taxable income.
A monopolistically competitive firm can raise its price somewhat without fear of great change in unit sales because
A. Of product differentiation and brand loyalty. B. Of the gap in its marginal revenue curve. C. Its demand curve is horizontal. D. The demand for its product is typically very price-elastic.
A typical economic good has which one of the following characteristics?
A) The desired quantity exceeds the quantity available at a zero price. B) The quantity available exceeds the desired quantity at a zero price. C) It uses no resources to produce. D) It is never scarce.
A market with few sellers, some influence over price, high barriers to entry, a differentiated product, and non-price competition is known as
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.