Which of the following features is associated with imperfect competition?
a. Homogeneity of products
b. Positive economic profits
c. Freedom of entry and exit
d. Large number of firms
b
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In order for a firm to receive monopoly profits, there must be
A) homogeneous products. B) barriers to market entry. C) mutual interdependence among firms. D) free entry and exit to the market.
According to the Laffer Curve
a) Tax revenue always increases as tax rates rise b) Tax revenue always falls as tax rates rise c) Tax revenue initially rises with the tax rate but when tax rates get too high revenue begins to fall d) Tax revenue initially falls with the tax rate but when tax rates reach some optimal level revenue begins to rise e) Tax revenue is unrelated to the tax rate
In the production of goods and services, trade—offs exist because
A) not all production is efficient. B) society has only a limited amount of productive resources. C) buyers and sellers often must negotiate prices. D) human wants and needs are limited at a particular point in time.
All other things unchanged, a decrease in the value of the dollar against the euro _______ U.S. net exports and shifts the aggregate demand curve to the _______.
A. increases, right B. decreases, right C. increases, left D. decreases, left