Disposable personal income measures the after-tax income received by households
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. At a quantity of 12,000 pounds
A) the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently high. B) the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently high. C) the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently low. D) producers should lower the price to $3 in order to sell the quantity demanded of 12,000.
Spontaneous order
What will be an ideal response?
Which of the following statements about markets is not true?
A. Markets have both a demand side and a supply side. B. Every market transaction involves an exchange of money for goods or resources or a direct exchange of goods or resources without money called barter. C. Markets necessarily have a physical location. D. The two types of markets include the factor and product markets.
Duopoly pricing, grim-trigger strategy, and tit-for-tat all promote cartel pricing by:
A. penalizing the underpricer. B. making underpricing impossible. C. increasing the chance of an underpricer being caught by the rest of the cartel. D. making entry impossible.