In which of the following markets are strategic interactions among firms most likely to occur?
a. markets to which patent and copyright laws apply
b. the market for piano lessons
c. the market for tennis balls
d. the market for corn
c
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Which of the following taxes causes the greatest shift of the Lorenz curve toward the line of equality?
A) proportional income tax B) regressive income tax C) flat-rate income tax D) progressive income tax
Prices set too low can actually be against the public interest
a. True b. False Indicate whether the statement is true or false
(Advanced analysis) The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q. If demand changes from P = 10 - .2Q to P = 7 - .3Q, the new equilibrium quantity is
What will be an ideal response?
Activities that encourage faster growth are
A) high levels of consumption and low levels of savings. B) high levels of saving and investment in human capital. C) imposing trade barriers to limit international trade and thereby protect national industries. D) limiting property rights so that everyone can use any invention. E) taxes on saving that serve to encourage more spending and less saving.