Which of the following is not a characteristic of a competitive market?
a. Buyers and sellers are price takers.
b. Each firm sells a virtually identical product.
c. Entry is limited.
d. Each firm chooses an output level that maximizes profits.
c
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Everyone working the land knows the usefulness of investing in land irrigation systems but those who work the land may choose not to invest in these profitable irrigation systems as long as
a. the investments are too expensive b. unskilled labor is widely available c. birth rates are high d. the government dictates choice of investment e. their property rights, with respect to the land and water, are subject to change
If Sophia's tax liability increases from $10,000 to $15,000 when her income increases from $30,000 to $40,000, her marginal tax rate is
a. 33 percent. b. 35 percent. c. 50 percent. d. 60 percent.