The processes a firm uses to turn inputs into outputs of goods and services is called
A) marginal analysis. B) positive economic analysis.
C) technology. D) technological change.
C
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The market for fish is perfectly competitive. So, the price elasticity of demand for fish from a single fishing boat
A) is less than the elasticity of demand for fish overall. B) equals the elasticity of demand for fish overall. C) is greater than the elasticity of demand for fish overall. D) is sometimes greater than and sometimes less than the elasticity of demand for fish overall.
Which of the following can be classified as a regressive tax?
a. Federal corporate income tax. b. Federal personal income tax. c. Federal gasoline tax. d. All of these.
Under perfect competition, the lure of profits makes producers try to equate marginal cost and price
a. True b. False Indicate whether the statement is true or false
The long-run average total cost curve is always
a. flatter than the short-run average total cost curve, but not necessarily horizontal. b. horizontal. c. falling as output increases. d. rising as output increases.