State and local governments
a. are funded entirely by their own tax base.
b. receive the majority of their tax revenues from corporate income taxes.
c. are generally not responsible for collecting sales taxes.
d. receive some of their funds from the federal government.
d
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A measure of monopoly power used by the government is the
A. percentage difference between price and marginal cost. B. percentage share of the relevant market or market share test. C. profit of the firm compared to other firms in the industry. D. price charged by the firm for goods and services.
The level of output at which marginal revenue equals zero is also the level of output at which a. total revenue is zero
b. profit is maximized. c. total revenue is maximized. d. total revenue is declining.
Pam sees that the price of bananas has risen in the grocery store. All else equal, she decides to buy more tangerines than she normally purchases. From the information given, you might conclude that:
A. tangerines and bananas are substitutes. B. bananas are a luxury good. C. tangerines are an inferior good. D. tangerines and bananas are complements.
When the government eliminates artificial barriers to entry:
A. more firms will enter the market. B. prices to consumers will likely increase. C. competition in the market will decrease. D. All of these will occur.