For almost all goods, the:
A. lower the price goes, the higher the quantity supplied.
B. higher the price goes, the more luxurious it is.
C. lower the price goes, the more luxurious it is.
D. higher the price goes, the higher the quantity supplied.
D. higher the price goes, the higher the quantity supplied.
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If enforcement is aimed at buyers of an illegal good, the result will be
A) an increase in the short-run supply of the good. B) a decrease in the short-run supply of the good. C) a decrease in demand for the good. D) an increase in the price of the good.
In monopolistic competition, firms compete on product quality, price and marketing
Indicate whether the statement is true or false
A common source of diseconomies of scale is the
A) diminishing marginal returns to capital. B) diminishing marginal returns to labor. C) diminishing marginal returns to land. D) growing complexity of management and organizational structure.
Equity issues in taxation are inherently positive in nature
a. True b. False