Perfect competition is a market structure in which there is:
a. a contest among firms to provide good service after the sale.
b. competition in product quality.
c. rivalry in product design.
d. none of these.
d
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Banks earn a profit by
A) charging an interest rate on their depositors' accounts. B) making loans at a higher interest rate than the rates that they offer on their deposits. C) not paying interest on their reserves. D) making loans at a lower interest rate than the rate that they offer on their deposits. E) keeping as many reserves on hand as possible.
When marginal revenue is positive, total revenue ________ when output increases and demand is ________
A) decreases; elastic B) decreases; inelastic C) increases; elastic D) increases; inelastic E) does not change; unit elastic
If a person works 10 percent fewer hours after being given a raise of 20 percent, the individual's elasticity of labor supply is:
A. 2. B. .5. C. ?.5. D. ?2.
Exhibit 12-4 Marginal tax rate lines
In Exhibit 12-4, line C represents a(n):
A. regressive tax. B. progressive tax. C. proportional tax. D. ability-to-pay tax.