An oligopoly firm with a differentiated product will generally earn the largest profits without advertising
a. True
b. False
Indicate whether the statement is true or false
False
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Kisa consumes the same amount of cigarettes each week regardless of her income (assume that her income is sufficiently large such that the quantity is affordable). The Equivalent Variation equals the Compensating Variation
Indicate whether the statement is true or false
An aggregate supply curve that is a vertical line must be:
A. a short-run curve. B. a long-run curve. C. an individual firm's supply curve. D. an individual industry's supply curve.
Skeptics of government policy to reduce taxes on saving argue that it would primarily benefit the rich
a. True b. False Indicate whether the statement is true or false
When a market experiences a positive externality,
a. the demand curve does not reflect the value to society of the good. b. too much of the good is being produced. c. the government can internalize the externality by imposing a tax on the product. d. the private value is greater than the social value.