Managerial Economics

Monopolistic competition differs from perfect competition primarily because in

In San Francisco there are many retail clothing stores. Each store is slightly different from every other store. Retail clothing stores are an example of what market structure?

Which of the following features distinguishes monopolistically competitive firms from monopolies and oligopolies?

In monopolistic competition, firms can have some market power

Firms gain control over price in monopolistic competition by

The hand soap industry is an example of a(n) ________ industry.

Which of the following is a characteristic of monopolistically competitive industries?

Price is a limited decision variable in which of the following market organizations?

Perfect competition differs from monopolistic competition primarily because

In Chicago there are many restaurants. Each restaurant is slightly different from every other restaurant. Restaurants are an example of which market structure?

The measure or value upon which a tax is levied is the

Every tax has two parts: a(n) ________ and a(n) ________.

The tax rate structure is the

A tax whose burden, expressed as a percentage of income, falls as income increases is a

A tax whose burden is the same proportion of income for all households is

The excise tax is

The U.S. individual income tax is designed to be

The largest portion of federal government revenues comes from

A family that earns $20,000 a year pays $400 a year in taxes on clothing. A family that earns $40,000 a year pays $200 a year in taxes on clothing. The tax on clothing is

A family that earns $20,000 a year pays $1,000 a year in payroll taxes. A family that earns $40,000 a year pays $2,000 a year in payroll taxes. The payroll tax is

A family that earns $20,000 a year pays $200 a year in city wage taxes. A family that earns $40,000 a year pays $1,600 a year in city wage taxes. The city wage tax is

A comprehensive tax of 15% on all forms of income with no deductions or exclusions is an example of a

The total amount of tax you pay divided by your total income is the

The ________ tax rate is the tax rate paid on any additional income earned.

Suppose there is a permanent shift of consumer preferences away from pretzels and toward potato chips. The most likely result would be

Preferences have just shifted away from beef and into mutton. If you are a sheep rancher, the best profit-maximizing strategy is to

Which of the following questions is not answered by general equilibrium analysis?

Demand determines price entirely when

There is great concern over the idea that citizens should have to provide specific identification to be able to vote in elections. A study of the costs and benefits of implementing a voter identification program is an example of

The amount of education that one has is an important factor in the determination of his or her wage rate. This is best described as