If we ranked the four market structures on the basis of degree of competition, perfect competition and monopolistic competition would be at opposite ends of the spectrum
Indicate whether the statement is true or false
FALSE
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The average cost curve shows the total cost divided by quantity produced for various levels of output.
Answer the following statement true (T) or false (F)
The graph shown demonstrates a tax on buyers. Before the tax was imposed, the buyers purchased ____ units and paid _____ for each one.
A. 6; $22
B. 6; $34
C. 9; $18
D. 9; $30
Because consumers want more Baby Bigfeet dolls, more Baby Bigfeet dolls will be produced and brought to the market. This is an example of
a. consumer sovereignty b. resources not being scarce c. ceteris paribus d. a natural resource e. macroeconomic activity
When the court determines that a firm's size alone is sufficient to find that it violated antitrust laws, this criterion is called:
A. natural monopoly. B. economies of scale. C. per se. D. rule of reason.