Average fixed costs will
A. fall then rise as output rises.
B. rise as output rises.
C. rise then fall as output rises.
D. fall as output rises.
Answer: D
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Unlike previous and future wars, the United States' federal government did not need to impose an income tax to finance the Civil War (1861–1865)
Indicate whether the statement is true or false
Which of the following is true for perfect competition but not true for monopolistic competition and monopoly?
A. P = MC and positive long run profits B. Positive long run profits C. P = MC D. MC = MR
If the market for a good consists of a downward sloping demand curve and a horizontal supply curve, consumers will pay the whole amount of a newly imposed tax.
Answer the following statement true (T) or false (F)
Which of the following transactions takes place in factor markets?
A) Henry receives a commission from his employer for selling a new automobile. B) Jake purchases 1,000 shares of stock in the Wal-Mart Corporation through his online trading account. C) Sam enters the winning bid on a grand piano at a local auction. D) Justin receives $30 in exchange for mowing his neighbor's lawn. E) Lucille receives a $500 check from the U.S. Social Security Administration.