Price elasticity of supply is represented as ____________________.
a. monetary currency
b. a percentage
c. a fraction
d. a ratio
d. a ratio
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A decrease in the discount rate
A) reduces the cost of borrowing from the Fed. B) increases the cost of reserves borrowed from the Fed. C) signals the Fed's desire to decrease the money supply. D) signals the Fed's desire to reduce lending to commercial banks.
Deadweight loss measures the loss in society's welfare that occurs because a monopolist does not produce the socially efficient level of output
a. True b. False Indicate whether the statement is true or false
A price ceiling that is set below the equilibrium price will result in:
A. a shortage of the good. B. a surplus of the good. C. higher total economic surplus. D. higher producer surplus.
A monopoly firm is different from a competitive firm in that:
A. a monopolist's demand curve is perfectly inelastic whereas a competitive firm's demand curve is perfectly elastic. B. a monopolist can influence market price whereas a competitive firm cannot. C. there are many substitutes for a monopolist's product whereas there are no substitutes for a competitive firm's product. D. a competitive firm has a U-shaped average cost curve whereas a monopolist does not.