How does the demand curve for a product in a pure monopoly compare to the demand curve for the industry?
a. They intersect in two places.
b. They are parallel.
c. They are the same.
d. They are perpendicular.
c. They are the same.
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The statutory incidence of the tax means who:
A. is legally obligated to pay the tax to the government. B. actually loses surplus as a result of the tax. C. bears the burden of any sort of tax. D. gains surplus as a result of the government redistributing tax revenue.
Interest on the government debt is an example of uncontrollable fiscal spending.
Answer the following statement true (T) or false (F)
Which of the following would shift a supply curve to the right?
a. an increase in the number of sellers b. expectations of higher future prices c. an increase in input prices d. outdated technology
The purpose of antitrust policy in the United States is to
A. Determine drug safety and performance. B. Check the validity of advertising claims. C. Encourage business mergers and acquisitions. D. Encourage competition among producers.