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Questions and Answers
Which of the following is a characteristic of a perfectly competitive market?
Which of the following is a characteristic of a perfectly competitive market?
- A few large firms dominate the market
- Firms have significant control over price
- High barriers to entry
- Firms can freely enter and exit the market (correct)
Which of the following is an example of a public good?
Which of the following is an example of a public good?
- A toll road
- A luxury car
- A private beach resort
- National defense (correct)
Which of the following is an example of a regressive tax?
Which of the following is an example of a regressive tax?
- Progressive income tax
- Sales tax (correct)
- Property tax
- Value-added tax
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