Roger wants to buy a set of X-Men comics and is willing to pay $7 per book. GeekPoint, a comic book store, sells the comics that Roger wants at a market price of $5 per book. If Roger is willing to pay $4.5 per book, which of the following would be the best outcome for Roger?
a. GeekPoint decreasing the market price of each book to $4.75
b. GeekPoint decreasing the market price of each book to $7.5
c. GeekPoint decreasing the market price of each book to $4.5
d. GeekPoint decreasing the market price of each book to $7.25
c
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Which conditions must be present for "perfect competition" to occur?
A) A large number of buyers and sellers, and all of them enjoy full and complete information. B) Sellers produce identical products. C) There is a costless mobility of resources. D) Everybody behaves as a price taker. E) All of the above.
Assume that Mr. Smith's income increased from $40,000 last year to $45,000 this year and that he paid an additional $2,000 in taxes. This would indicate that his marginal tax rate is
A) 10 percent. B) 25 percent. C) 30 percent. D) 40 percent.