A market structure characterized by so few firms that each behaves independently
Indicate whether the statement is true or false
false
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If a firm must produce a significant share of market output before low average costs can be achieved, the structure of this industry will tend to be
a. monopolistic competition b. perfect competition c. oligopoly d. either monopolistic competition or oligopoly e. either perfect competition or monopolistic competition
Which of the following is true of net taxes? a. The level of net taxes varies directly with the level of transfer payments. b. The level of net taxes varies inversely with the level of transfer payments. c. Net taxes must always be less than zero
d. Net taxes increase when income tax rates are reduced. e. Net taxes increase when income decreases.
The United States has less income inequality than most other developed countries.
Answer the following statement true (T) or false (F)
If technological change is "labor augmenting," then
A) output per worker declines, output per unit of capital increases. B) "effective labor input" increases, output per unit of capital declines. C) output per worker increases, output per unit of capital is constant. D) Both output per worker and output per unit of capital change.