When long-run average costs are declining for the entire range of demand, the firm is known as a(n):
a. local monopoly.
b. regulated monopoly.
c. monopolistically competitive firm.
d. natural monopoly.
e. oligopoly.
d
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If government imposes an excise tax on a good and the tax burden is borne equally by buyers and sellers, then
A) price elasticity of demand is unitary. B) price elasticity of supply is unitary. C) the absolute values of price elasticities of demand and supply are equal. D) None of the above
Alexander Hamilton argued for a "National Bank" that would
a. provide the increased money supply necessary to accommodate increased business activity. b. lend money to the U.S. Treasury. c. serve as fiscal agent for the U.S. government. d. serve as a tax collection agency for the U.S. government. e. All of the above.
Which of the following is most likely an inferior good?
a. an antique car b. gasoline c. a bus ticket d. an airline ticket
In a perfectly competitive market,
a. one large firm controls the market and sets price, while the other smaller firms behave as price takers. b. all firms produce and sell a homogeneous product. c. the output sold by a particular firm may be quite different from the output sold by the other firms in the market. d. it's difficult for new firms to enter the market due to barriers to entry. e. the products sold by each firm are only slightly different.