A tax system exhibits vertical equity when taxpayers with similar abilities to pay contribute the same amount
a. True
b. False
Indicate whether the statement is true or false
False
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If a perfectly competitive industry is taken over by a monopolist,
a. output will always rise b. output will always fall c. market price will probably not change d. marginal cost will approach average variable cost in the long run e. market price could fall if there are large gains from technological changes under monopoly
Which of the following is a characteristic of oligopoly?
A) mutual firm independence B) zero economic profits in the short run C) marginal cost pricing D) only a few firms in the industry
XYZ Computer Company has a monopoly on the sale of a specialized color printer. If it sells two of these printers, its total revenue is $1,000 and if it sells three, its total revenue is $1,300. The marginal revenue of the third color printer sold is
A. $100. B. $150. C. $300. D. $1,300.
When you purchase a new set of spurs you do so in the
A) input market. B) resource market. C) factor market. D) product market.