For Years, Economists Believed That Market Structure Explained the Ability

question 199

Multiple Choice

For years, economists believed that market structure explained the ability of some firms to earn economic profits.Today, economists and business strategists put greater emphasis on

• A)the number of years a firm has been in business and the average price of the products sold by the firm.
• B)the number of countries in which a firm conducts business and the number of employees the firm has in each country.
• C)the characteristics of individual firms and the strategies their managements use to continue to earn economic profits.
• D)the size of a firm relative to the industry average and the number of firms in the domestic industry.

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Definitions:

Form 1040

The customary form from the IRS used by people to submit their yearly income tax filings.

Itemized Deductions

Deductions allowed on personal income tax returns for specific expenses, as opposed to taking a standard deduction.

Federal Disaster

An event significant in scale and impact, officially declared by the federal government, triggering access to federal funds and resources for recovery.

Tax Return

The documentation filed with tax authorities detailing income earned, taxes owed, and other information necessary to calculate tax liability.