A market situation where a small number of sellers dominate the entire industry is called:
A. monopolistic competition.
B. monopsony.
C. monopoly.
D. oligopoly.
Answer: D
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Refer to the accompanying figure. It is efficient for this farmer to:
A. grow 1,000 bushels of wheat and 500 bushels of corn. B. grow 250 bushels of wheat and 500 bushels of corn. C. grow 500 bushels of wheat and 250 bushels of corn. D. grow 500 bushels of wheat and 500 bushels of corn.
Regional integration is better known as global integration through the World Trade Organization.
a. true b. false
Between 1995 and 2000 our trade deficit more than ________________.
Fill in the blank(s) with the appropriate word(s).
The average tax rate is:
A. equal to the marginal tax rate if the tax is progressive. B. the total tax rate minus the marginal tax rate. C. the ratio of total taxes paid to total taxable income. D. the tax rate that applies to incremental dollars of income.