Which of the following is true for both perfect and monopolistic competition?
A) Firms produce a differentiated product.
B) Firms face a downward sloping demand curve.
C) Firms produce a homogeneous product.
D) There is freedom of entry and exit in the long run.
D
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A cut in the income tax rate ________ the tax wedge and ________ employment, saving, and investment
A) decreases; increases B) increases; increases C) does not change; increases D) decreases; does not change E) increases; decreases
Since the mid-1980s tariff rates in most nations have risen
Indicate whether the statement is true or false
When a particular resource is commonly used, it tends to get underutilized
a. True b. False Indicate whether the statement is true or false
According to the textbook, many people believe that the character Dorothy, in the book The Wonderful Wizard of Oz, represents
A) presidential candidate Barry Goldwater. B) President Abraham Lincoln. C) President William McKinley. D) presidential candidate William Jennings Bryan.