The impact of an increase in the gasoline tax on sales of electric vehicles is
A. not an economic issue, but rather a political issue.
B. a macroeconomics topic because it deals with taxes.
C. a microeconomics topic because it deals with one industry.
D. a normative issue and so it is not an economic topic.
Answer: C
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Which of the following is NOT a characteristic of competitive markets?
A) standardized product B) purchases and sales of individual traders are small relative to the total volume traded C) prices adjust quickly D) there are relatively few sellers
A monopolist finds the price-output combination that maximizes its profits by
A) equating total revenue and total cost. B) equating marginal revenue and marginal cost. C) finding the combination for which the difference between marginal revenue and marginal cost is the greatest. D) equating price and marginal cost.