For a monopolistic competitor:
A. P = MC.
B. P > MR.
C. MR > MC.
D. P = MR.
Answer: B
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Of the three primary tax sources of revenue for the U.S. federal government, which of the following has decreased the most as a percentage of GDP since 1962?
A) corporate income taxes B) social insurance taxes C) sales and excise taxes D) individual income taxes
The term nonexclusive means that once the good is provided, no one can be excluded from deriving its benefits
Indicate whether the statement is true or false
Which of the following is the second step in the model-building process?
a. Include all possible variables that affect the model. b. Collect data and test the model. c. Identify the problem. d. Develop a model based on simplified assumptions.
Which of the following is the primary source of high earnings in a market economy?
What will be an ideal response?