A firm that has taken advantage of economies of scale and expanded to become the only producer in the market is
A) a cartel.
B) a natural monopoly.
C) a monopolistic competitor.
D) an oligopolist.
B
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If a $10 sales tax is imposed on a good and the equilibrium price increases by $10, the tax is
A) split between buyers and sellers but not evenly. B) paid fully by sellers. C) paid fully by buyers. D) split evenly between buyers and sellers. E) perhaps split between buyers and sellers but it is impossible to determine the incidence without further information.
If a firm's implicit costs are greater than its explicit costs, it tells us nothing about whether a firm is earning economic or accounting profits
a. True b. False Indicate whether the statement is true or false
Sometimes On Time (SOT) Airlines is considering buying a new jet. SOT would be more likely to buy a new jet if there were either
a. a decrease in the price of a new jet or a decrease in the interest rate. b. a decrease in the price of a new jet or an increase in the interest rate. c. an increase in the price of a new jet or a decrease in the interest rate. d. an increase in the price of a new jet or an increase in the interest rate.
According to Nobel laureate Douglass North, one reason why the Industrial Revolution occurred in England before many other countries was because the king in England consistently maintained control over the court system and the government
Indicate whether the statement is true or false