Tim's Solar Panel Co manufactures and distributes solar panels in the U.S. market. Two years prior, it had 5 competitors in the market. However, government stimulus in the industry has now encouraged 7 new competitors to enter the market. At equilibrium, the price of Tim's panels:
a. is less than the average variable cost of production
b. is dictated by the forces of demand and supply present in the market.
c. is less than the fixed cost of production.
d. decrease in order to stay ahead of its competitors in the market.
b
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Disposable personal income is equal to personal income minus personal tax payments
Indicate whether the statement is true or false
One of the characteristics of a command economy is
A. free enterprise. B. complex markets. C. the pursuits by individual and firms of their own self-interest without any central direction or regulation. D. central planning.
Which statement is true?
A. A country like Japan would go to the World Bank to borrow currency to stabilize the yen. B. The WTO has a Dispute Settlement Body to handle trade disagreements among member nations. C. GATT was established at the end of the Great Depression. D. The IMF was set up to aid developing countries build infrastructure.
Who said "Work expands so as to fill the time available for its completion," and "Work expands to occupy people available for its completion"?
A. Adam Smith B. C. Northcote Parkinson C. Karl Marx D. John Maynard Keynes