The Mikati Philippines Hard Rock Cafe has the exact same menu as the Hard Rock Cafe in New York. This is an example of a brand name enhancing market efficiency for U.S. tourists visiting the Philippines
a. True
b. False
Indicate whether the statement is true or false
True
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In a free market there are virtually no restrictions, or at best few restrictions, on how a good or service can be produced or sold
Indicate whether the statement is true or false
A drought destroys much of the peach crop. As a result, consumer surplus in the peach market:
a. increases. b. decreases. c. remains unchanged. d. equals the deadweight loss increase.
In a long-run equilibrium in a perfectly competitive market, the average firm earns positive economic profits
a. True b. False Indicate whether the statement is true or false
A tax imposed on the sellers of a good will lower the
a. price paid by buyers and lower the equilibrium quantity. b. price paid by buyers and raise the equilibrium quantity. c. effective price received by sellers and lower the equilibrium quantity. d. effective price received by sellers and raise the equilibrium quantity.