Perfect competition is the term used to describe:
a. an industry in which a few price-taking firms produce identical products
b. an industry in which numerous price-taking firms produce identical products.
c. an industry in which firms are price takers and compete for market share by varying the qualitative characteristics of products.
d. an industry in which numerous firms are price makers and produce identical products.
b
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When the production of a good creates an external cost, in order for taxes to be effective in achieving the efficient allocation of resources, the tax must be set equal to the
A) marginal private cost. B) marginal external cost. C) marginal social cost. D) marginal benefit of polluting.
Which is larger: the present value of $1 two years from now or the present value of $1 one year from now? Explain
What will be an ideal response?