The revenue curves that a monopoly faces are different from those that a perfectly competitive firm faces in that the:
A. marginal revenue curve is downward sloping instead of flat.
B. average revenue curve is no longer equal to price.
C. marginal revenue curve is now flat instead of downward sloping.
D. total revenue curve for a monopoly is linear.
A. marginal revenue curve is downward sloping instead of flat.
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Net foreign investment minus net foreign portfolio investment is equal to
A) the balance of trade. B) net foreign financial investment. C) net foreign direct investment. D) capital outflows.
Which of the following is an example of the rationing function of price?
A. A firm attempting to lower its explicit costs B. Government price controls C. Switching from a Ph.D. in economics to one in finance because finance salaries are higher D. Bill Gates purchasing the Mona Lisa for $5 billion
Economists refer to land, labor, and capital as the factors of production. Land in this context refers to natural resources. Given this definition, which is not land?
a. water b. oil c. forests d. highways
Which of the following forms of taxation accounts for the largest share of taxes received by state and local governments?
A. personal and corporate income taxes B. sales, excise, and gross receipts taxes C. property taxes D. license and permit fees