Answer the following questions true (T) or false (F)
1. Perfectly competitive industries tend to produce low-priced, low-technology products.
2. The market demand curve in a perfectly competitive market is downward sloping.
3. An increase in a firm's fixed cost will not change the firm's profit-maximizing output in the short run.
1. FALSE
2. TRUE
3. TRUE
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Refer to Figure 3-4. At a price of $20, how many units will be supplied?
A) 400 B) 500 C) 600 D) 800
Dividend refers to
a. a corporation's regular payments to lenders. b. part of the revenue given to stockholders of a corporation. c. a lender's legal claim on the assets of a bankrupt corporation. d. a prepayment of a corporation's legal obligation.
Public choice theory indicates that representative government yields outcomes more consistent with economic efficiency when a close relationship exists between the benefits received and the costs borne by each voter. Which of the following methods of financing a government program will most likely result in a close relationship between voter benefits and costs?
a. progressive income tax b. retail sales tax c. property tax d. user charges
What is one reason the eBay seller reputation system is important?
A) eBay transactions tend to be isolated, one-off transactions. B) eBay transactions tend to be repeat sales between the same seller and buyers. C) eBay transactions often involve stolen products. D) eBay transactions require a larger percentage than, say, Amazon transactions.