________: a fixed tax (e.g., a license fee) irrespective of the level of output used by regulatory agencies to eliminate or reduce profit of a monopoly
Fill in the blank(s) with correct word
Lump-sum tax
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If at the profit maximizing level of output, the AR curve lies below the ATC curve in the short run, the firm is earning positive economic profit
a. True b. False Indicate whether the statement is true or false
Which of the following represent the Federal Reserve's most important responsibilities?
a. Supervise and regulate banks. b. Issuing paper currency. c. Printing paper currency. d. Both (a) and (b) e. Deciding the maximum rate banks can charge for loans.
The law of diminishing marginal productivity implies that increasing only one input will:
A. lead to smaller and smaller increases in output. B. lead to larger and larger increases in output. C. not increase output. D. lead to identical increases in output.
Advertising can impede economic efficiency when it:
A. increases entry barriers. B. reduces brand loyalty. C. enables firms to achieve substantial economies of scale. D. increases consumer awareness of substitute products.