An oligopoly will always use game theory to maximize sales rather than profits.
Answer the following statement true (T) or false (F)
False
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A perfectly elastic, long-run market supply curve is most likely to be achieved in
a. a price-taker industry. b. a constant cost industry. c. an increasing cost industry. d. a price searcher industry.
A consumer spends all of her income on goods x and y. At her optimum,
a. her valuation of the two goods exceeds the market's valuation of the two goods. b. her marginal rate of substitution between good x and good y exceeds the ratio of the price of good x to the price of good y. c. the slope of her budget constraint is equal to the slope of the highest indifference curve that she can reach while remaining within her budget. d. her expenditure on good x is equal to her expenditure on good y.
The slope of a curved line is constant.
Answer the following statement true (T) or false (F)
Which of the following statements is true?
A. Economists believe that marginal and average tax rates influence behavior to the same extent. B. Economists believe that neither marginal nor average tax rates have any influence on behavior. C. Economists believe that average tax rates have a greater influence on behavior than marginal tax rates. D. Economists believe that marginal tax rates have a greater influence on behavior than average tax rates.