In competitive markets, which of the following is not correct?
a. Firms produce identical products.
b. No individual buyer can influence the market price.
c. Some sellers can set prices.
d. Buyers are price takers.
c
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When a tax is placed on sellers:
A. sellers always bear a higher incidence than buyers. B. buyers always bear a higher incidence than sellers. C. the effect on the price buyers pay and sellers receive is the same as a tax on buyers. D. None of these is true.
Which of the following is not included in Nation A's financial account?
a. Foreign deposits of funds in savings accounts in Nation A. b. Purchases and sales of forestry and air rights. c. Foreign purchases of Nation A's Treasury bills. d. All the above.
If the price elasticity of demand is 1.0, and a firm raises its price by 10 percent, the total revenue will
A. Rise by 10 percent. B. Rise by 100 percent. C. Not change. D. Fall by 10 percent.
If average total cost is declining, then:
A. marginal cost must be less than average total cost. B. marginal cost must be greater than average total cost. C. the average fixed cost curve must lie above the average variable cost curve. D. total cost must also be declining.