The private ownership of property resources and use of prices to direct and coordinate economic activity is characteristic of:
a. Socialism
b. A command system
c. Communism
d. A market system
d. A market system
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An owner of a local salon realized that by decreasing the prices that she charges for haircuts, her revenue has increased. This implies that
a. The demand for her haircuts is elastic b. The demand for her haircuts is inelastic c. The demand for her haircuts is unitary elastic d. The demand for her haircuts is perfectly inelastic
The concept of opportunity cost
A. can be applied to the analysis of any decision-making process. B. applies to consumers but not to firms. C. refers only to actual payments and incomes. D. is relevant only to economics.
If a monopoly firm sells more than one unit, marginal revenue will then be:
A. equal to the price. B. less than the price. C. greater than the price. D. equal to market demand.
When the Fed makes higher interest payments on bank reserves, banks will hold ________ reserves which will ________ the money supply
A) less; increase B) less; decrease C) more; increase D) more; decrease