Personal income in the United States is primarily determined by selling labor services
a. True
b. False
A
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Refer to Figure 15-15. The profit-maximizing price is
A) P1. B) P2. C) P3. D) P4.
If there are only three firms in an industry with 50 percent, 40 percent, and 10 percent of the market, respectively, the Herfindahl Index is
a. 40 b. 100 c. 200 d. 33 e. 4,200
Which of the following policies is not an example of a command-and-control policy?
a. subsidies b. Pigovian taxes c. tradable pollution permits d. None of the above is an example of a command-and-control policy.
Lazy monopolists are characterized by the tendency to:
A. maximize profits at the cost of losing market share. B. minimize losses so that the dividends of shareholders are maximized. C. pay too much to protect their monopoly positions. D. earn enough profits to keep their shareholders happy without trying too hard to hold costs down.