I PAID ATTENTION
A tax that takes the same percentage of income from all income groups.
What is a proportional tax?
A market structure consisting of price takers and thousands of firms.
What is Perfect Competition?
Mr. Craft's estimable annual salary as of 2024.
What is $104,000?
A method of graphing the distribution of wealth or income.
What is a Lorenz Curve?
A market structure of price makers consisting of two firms.
What is a Duopoly?
Mr. Craft's favorite animal.
What is the tick?
A firm minimizes production costs by adjusting inputs until the marginal product per dollar spent is equal for all resources used.
What is the Least Cost Rule?
A market structure consisting of price takers with product differentiation and six or more firms.
What is Monopolistic Competition?
Mr. Craft's favorite sport.
What is pickleball?
A method of numerical categorization by size of firm.
What is the Herfindahl Index?
A market structure consisting of a price maker without product differentiation that has a standard downward-sloping demand curve.
What is a Monopoly?
Mr. Craft's favorite restaurant.
What is Dollar Tree/Dollar General?
A measure of the equality of income in a population.
What is the Gini Coefficient?
A market structure dominated by a small number of firms, with high barriers to entry and non-price competition.
What is an Oligopoly?
Mr. Craft's favorite cup.
What is the Milk Jug?