Which of the following is a characteristic of monopoly?
A) The firm faces competition from many other firms.
B) The firm produces a product that has many close substitutes.
C) There are barriers to enter the market.
D) The firm's demand is perfectly elastic.
E) The firm produces a product identical to that produced by its many competitors.
C
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Regarding the output growth slowdown during the 1970s and 1980s, it is true that
a. the slowdown took place in the U.S. but not other developing countries. b. the primary determinant of the slowdown was lower labor productivity growth. c. increases in capital formation did not offset some of the slowdown in labor productivity growth. d. both b and c.
Which statement is false?
A. A poor person who smokes pays a higher percentage of her income in cigarette excise tax than a rich person. B. The cigarette excise tax is a regressive tax. C. The cigarette excise tax is a direct tax. D. None of these statements are false.