The fundamental cause of monopoly is
barriers to entry.
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At which time is the opportunity cost likely to be higher to go to war, during a recession or during an economic boom? Explain your answer fully
What will be an ideal response?
A cold winter will increase the quantity of heating fuel demanded at every price
a. True b. False Indicate whether the statement is true or false
Suppose that when a perfectly competitive firm produces 1,000 units of output, its total variable cost is $1,900. If the marginal cost of producing the 1,000th unit is $1.70, and if the market price of each unit of output is $1.70, then the firm should:
A. raise its price. B. continue to produce 1000 units. C. shut down. D. increase output.
According to the Laffer curve, when the tax rate is 100 percent, tax revenue will be:
A. 0. B. at the maximum value. C. the same as it would be at a 50 percent tax rate. D. greater than it would be at a 50 percent tax rate.