An imperfectly competitive firm is one that:
A. faces a perfectly inelastic demand curve.
B. has at least some influence over the market price.
C. seeks to maximize revenue.
D. charges any price it wants.
Answer: B
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Which of the following is true of tariffs?
A) Tariffs are special taxes levied on imports. B) Tariffs reduce the volume of exports. C) Tariffs decrease the prices of imports. D) Tariffs encourage international trade.
The risk premium is negative when tastes are risk averse.
Answer the following statement true (T) or false (F)
According to Alfred Chandler, large vertically integrated firms dominated much of American manufacturing in the early 1900s because
a. U.S. manufacturers sought to emulate the production practices of European manufacturers. b. U.S. tax laws created strong incentives for vertical integration. c. continuous-flow technologies were cost minimizing only when the inflow of inputs and the sale of outputs proceeded without interruption. d. larger firms were better able to fight the establishment of labor unions and collective bargaining arrangements.
Membership in the Federal Reserve System is
a. limited to national banks. b. limited to state banks. c. required of national banks and open to state banks. d. forbidden to state banks.