The demand curve shows the relationship between quantity demanded and
A) income.
B) price.
C) supply.
D) quantity supplied.
Answer: B
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The monetary rule is the view of the:
a. Keynesians that monetary policy is most important. b. Monetarists that monetary policy is most important. c. Classical economists that monetary policy is most important. d. Monetarists that the Fed should expand the money supply at a constant rate.
In a natural monopoly, government regulation is often used to ensure more beneficial price and output combinations for consumers in the market than would exist in the absence of regulation
a. True b. False Indicate whether the statement is true or false
A government-sponsored good is one that
A) everybody is willing to support with funding contributions. B) is inherently valuable. C) the political process has determined socially desirable. D) everybody will receive concrete benefits from.
From the date a U.S. patent is granted to a firm, it ceases to be a potential source of monopoly profits after
A) 20 years. B) 14 years. C) 10 years. D) 7 years.