Fill in the blank: According to your textbook authors, ________ is a key condition for competition to occur
A) government regulation of price
B) government regulation of output
C) preservation of profit
D) freedom of entry
D
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In the U.S., people are required to pay taxes on
a. nominal interest earnings, irrespective of their real interest earnings. b. real interest earnings, irrespective of their nominal interest earnings. c. real capital gains, irrespective of their nominal capital gains. d. All of the above are correct.
Which of the following statements accurately describes a difference between a firm that is a monopolist and one that is a competitive price taker?
A. Marginal revenue and market price are equal for the competitive price taker but not for the monopolist. B. The monopolist does not always produce the output that equates marginal cost and marginal revenue; the competitive price taker does. C. The monopolist charges the highest price possible; the competitive price taker charges a price equal to its per-unit cost. D. A monopolist can earn economic profit in the short run; a competitive price taker cannot.
the chairman of the FED is appointed by the
What will be an ideal response?
When consumers would have been willing to pay higher prices at various quantities consumed than the market clearing price, the differences are called
A. producer surplus. B. consumer surplus. C. scarcity. D. opportunity cost.