Consider the country of Outland. In Outland, people pay 10 percent of their income as a tax whether they earn $10,000 or $100,000 annually. Outland has ________ tax structure

Defenders of advertising argue that it:

a. informs buyers and broadens the market for goods. b. enhances economic efficiency by lowering prices. c. enables small firms to compete more effectively with large ones. d. all of these.

Monopolistic competition and perfect competition are similar in that each market structure is characterized by

A) advertising. B) production at minimum average cost in the long run. C) a horizontal demand curve. D) the absence of long-run economic profits.