How does technology relate to a seller’s input prices?
a. An efficient technology can often lower input prices.
b. An efficient technology can often raise input prices.
c. An inefficient technology can often lower input prices.
d. An inefficient technology can often eliminate input prices.
a. An efficient technology can often lower input prices.
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One of the key outcomes of the 2010 mid-term elections was that
A. a national sales tax was created and replaced the income tax. B. 1986 tax increases were repealed in 2011. C. iraqi oil revenues were taxed by the U.S. to provide care for disabled Iraqi War veterans. D. 2003 tax cuts were continued for everyone through the end of 2012.
A decrease in growth rates will cause:
Pretty Polly produces dresses for little girls. At its current advertising level, Pretty Polly's marginal cost of advertising is $500,000 and their marginal benefit is $500,000. Which of the following is true?
A) The firm should increase the amount of advertising to increase its net profit. B) The firm is currently maximizing its net profit. C) The firm should reduce the amount of advertising to increase its net profit. D) The firm should double the amount of advertising.
Domestic producers prefer quotas to tariffs because quotas raise the price of imports and tariffs do not.
Answer the following statement true (T) or false (F)