According to the law of demand, if the price of a good or service rises, the quantity demanded ______.
a. fluctuates
b. stays the same
c. increases
d. decreases
d. decreases
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If pizza used to be produced in a perfectly competitive market, and now the pizza market has become a monopoly, we can expect:
a. less pizza to be sold at a higher price. b. more pizza to be sold at a higher price. c. less pizza to be sold at a lower price. d. more pizza to be sold at a lower price. e. the same amount of pizza to be sold at the same price.
The ranking of the size of tax revenues received by the federal government (from highest to lowest) would be corporate taxes, income taxes, and Social Security payroll taxes.
Answer the following statement true (T) or false (F)
In August of this year, Jack can best estimate the current year's GDP by:
A. multiplying the most recent quarter's GDP estimate by four. B. adjusting the first two quarterly estimates of GDP for seasonal variation. C. taking an average of the last four quarterly estimates of GDP available. D. looking back at previous years GDP in order to make an accurate projection.
A firm is likely to be a natural monopoly:
A. when the demand for its product or service is inelastic. B. if it is producing an inferior good. C. if economies of scale are experienced over the full range of output. D. because government grants it an exclusive franchise.