Perfectly competitive industries tend to produce low-priced, low-technology products
Indicate whether the statement is true or false
FALSE
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The income tax requires that taxpayers pay 10percent on the first $40,000 of income and 20 percent on all income over $40,000 . Karen paid $6,000 in taxes. What were her marginal and average tax rates?
a. 20 percent and 12 percent, respectively b. 20 percent and 15 percent, respectively c. 10 percent and 12 percent respectively d. 10 percent and 15 percent respectively
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.
A market in which firms sell a homogeneous product and cannot influence market price is most likely:
A. a perfectly competitive market. B. an oligopoly. C. a monopolistically competitive market. D. a monopoly market.
When quantity demanded is greater than quantity supplied, market price is ________ the equilibrium price.
Fill in the blank(s) with the appropriate word(s).