Which of the following is the best example of a perfectly competitive industry?
A) steel production B) airplane production
C) wheat production D) electricity production
C
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A decrease in which of the following would decrease the tax wedge?
A) federal budget deficit B) national debt C) money supply D) marginal tax rate
In the Tragedy of the Commons, joint action among the individual citizens would be necessary to solve their common resource problem unless the government intervenes
a. True b. False Indicate whether the statement is true or false
Suppose a market is initially perfectly competitive with many firms selling an identical product. Over time, however, suppose the merging of firms results in the market being served by only three or four firms selling this same product. As a result, we would expect
a. an increase in market output and an increase in the price of the product. b. an increase in market output and an decrease in the price of the product. c. a decrease in market output and an increase in the price of the product. d. a decrease in market output and a decrease in the price of the product.
The movement from socialism to capitalism undertaken by Poland in the early 1990s represents:
A. neither a policy change nor a regime change. B. a regime change. C. a policy change. D. both a policy change and a regime change.