In both monopolistic competition and non-price-discriminating monopoly,
a. the marginal revenue curve lies above the average revenue curve
b. the marginal revenue curve lies above the demand curve
c. the marginal revenue curve lies below the demand curve
d. marginal revenue is equal to average revenue
e. marginal revenue is equal to price
C
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If the Federal government enacts a new excise tax of $1.50 per case of soda. Which of the following is most likely to occur?
a. Consumers of soda will pay a higher price and buy a larger quantity. b. Consumers of soda will pay a higher price, which will increase the profits of soda companies, inducing them to sell a larger quantity. c. Consumers of soda will pay a higher price and buy a smaller quantity. d. Consumers of soda will buy less bottled water.
Equality means distributing society's resources in the most efficient manner
a. True b. False Indicate whether the statement is true or false