During a mild winter, the price of home heating oil is expected to be less than it would be during a normal winter
What will be an ideal response?
True. During a mild winter, people do not need to operate their furnace as often as in a normal winter. The demand for home heating oil lies to the left of where it would be under normal weather conditions. As a result, the price of oil falls.
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The U.S. federal personal income tax is a ________ tax
A) progressive B) regressive C) proportional D) flat
All economic questions arise from the fact that resources are unlimited
Indicate whether the statement is true or false
Does the presence of asymmetric information necessarily imply that governments should intervene in a market?
What will be an ideal response?
Which of the following is true according to the IO perspective?
a. Industry structure determines firm conduct which in turn determines firms' performance b. Industry structure determines firm performance which in turn determines firms' conduct c. Industry conduct determines firm structure which in turn determines firms' performance d. Industry performance determines firm conduct which in turn determines firms' structure