A perfectly competitive industry's market or "going" price is established by
A) the largest firm in the industry.
B) the largest purchaser of this industry's output.
C) each individual producing firm and reflects that firm's costs.
D) the forces of supply and demand.
Answer: D
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According to this Application, between 2006 and 2009, Chinese demand for pecans increased by roughly ________ percent
A) 79 B) 90 C) 456 D) 877
Johnny has been working a lot of overtime during the most current economic boom. As a result, his income is high enough for him to move from the 10 percent tax bracket to the 15 percent tax bracket. So, Johnny pays a higher percentage of a higher income to the government this year. The increased amount paid to the government is an example of:
A. discretionary fiscal policy slowing the economy. B. automatic stabilizers slowing the economy. C. discretionary fiscal policy encouraging economic activity. D. automatic stabilizers encouraging economic activity.
A firm's opportunity cost of using resources provided by the firm's owners is called
a. sunk costs b. fixed costs c. explicit costs d. implicit costs e. entrepreneurial costs
One World View article is titled "Top Tax Rates." The lowest marginal tax rates in the world in 2015 were in
A. Monaco. B. France. C. Denmark. D. Canada.