Which of the following is a characteristic of a single-price monopoly?
A) The firm is a price taker.
B) Demand is perfectly elastic.
C) There are many close substitutes for the firm's product.
D) The market price exceeds marginal revenue.
D
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In the long run, an increase in the quantity of money ________ the value of money and ________ the price level
A) raises; does not change B) lowers; does not change C) lowers; lowers D) raises; raises E) lowers; raises
When researchers compare people who are asked to imagine that, having previously purchased a ticket for $10, they arrive at the theater to discover they have lost their ticket to people who are asked to imagine that they arrive just before the performance to buy a ticket and find they have lost $10 from their wallets, which group is more likely to say that they would still attend the performance?
A. Both groups are equally likely to say they would attend the performance. B. The lost $10 group C. Both groups report that they would no longer go to the performance. D. The lost ticket group
A decrease in marginal tax rates will cause entrepreneurship to ________ and AS to shift to the ________.
A. decrease; right B. increase; left C. decrease; left D. increase; right
What is the "medium of exchange" function of money?
A. a common measurement of the relative value of different goods and services B. the ability of money to hold value over time C. the quality of money not to be hoarded because of its commodity value D. the function of money to be widely accepted I exchange for goods and services