A market in which there were many producers with no control over price could be characterized as _______________.
Fill in the blank(s) with the appropriate word(s).
perfectly competitive
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The Laffer Curve demonstrates that _____
a. at some level of tax rates, tax revenues decline b. there is no relationship between tax rates and tax revenue c. there is no relationship between tax rates and labor supply d. at some level of tax rates, labor supply declines
The most likely reason that oil prices spiked during 2007-2008 was because
a. suppliers drastically cut back on production b. speculators heavily invested in the futures market c. there was an increase in demand due to an increase in usage d. there was an increase in demand as buyers began to hoard oil for future use e. suppliers increased their production to match the increase in demand
If a firm is a natural monopoly, society will benefit if it is broken into several small companies
a. True b. False Indicate whether the statement is true or false
The concept that increases in spending cause larger increases in equilibrium GDP is known as the
a. profiler. b. mystifier. c. multiplier. d. depreciator.