A federal system consists of one level of government to provide public goods and services.
A. True
B. False
C. Uncertain
B. False
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The goal of price discrimination is to
a. Convert consumer surplus to producer surplus b. Maximize profits c. Both a and b d. Make pricing decision difficult
Schumpeter hypothesized that monopolies
a. do not maximize profits b. advertise extensively to keep out new entrants c. may charge a lower price than the price generated in a perfectly competitive market d. usually experience constant returns to scale e. have higher costs than smaller firms
If a commodity’s price is above its marginal cost, the market will tend to produce too much of the good.
Answer the following statement true (T) or false (F)
The opportunity cost of holding a dollar is
A. the interest yield that could have been earned by holding some other asset. B. the price of a government bond. C. a dollar. D. less than a dollar.