Nondiscriminating monopoly is similar to perfect competition in that
a. they have the same level of barriers to entry
b. they have a similar number of firms in the industry
c. the demand curve facing the firm is perfectly elastic for both
d. price equals marginal revenue for both
e. price equals average revenue for both
E
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Over the period 1890-2014, Japan experienced a 2.59 percent average annual growth rate of real GDP per person
a. True b. False Indicate whether the statement is true or false
The face value of money or income is called its ________ value.
A. real B. marginal C. nominal D. external
Refer to the information provided in Figure 5.7 below to answer the question(s) that follow.
Figure 5.7The above figure represents the market for pumpkins both before and after the imposition of an excise tax, which is represented by the shift of the supply curve.Refer to Figure 5.7. The amount customers will pay per pumpkin after the imposition of the tax is
A. $1.75. B. $3.00. C. $4.25. D. $7.25.
Which of the following is equivalent to the costs that firms incur in acquiring economic resources?
A. Revenues from the product B. Income of the resources C. Money flowing from the resources D. Profits from the resources employed