If a firm operates in a perfectly competitive market, then it will most likely
A) advertise its product on television.
B) settle for whatever price is offered.
C) have a difficult time obtaining information about the market price.
D) have an easy time keeping other firms out of the market.
B
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A corrective tax can improve upon the misallocation of resources resulting from an externality _____
a. only if the externality is positive b. only if it is easy to quantify the external damage c. transactions costs are low d. transactions costs are zero
In differentiating between the short-run and long-run elasticities for the same good, when economists talk about short-run elasticities,
a. they cannot distinguish between the two types b. there is no differentiation if it's the same good c. they are the same as long-run elasticities for the same good d. they are usually higher than long-run elasticities e. they are usually lower than long-run elasticities