A perfect monopoly:
A. has no competition at all.
B. has complete market control.
C. restricts output to maximize profits.
D. All of these statements are true.
D. All of these statements are true.
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If the production possibilities frontier is ________, then opportunity costs are constant as more of one good is produced
A) bowed out B) linear C) bowed in D) non-linear
The financial system performs the role of communicating information by
A) constantly increasing the liquidity of most assets. B) constantly reducing the riskiness of most assets. C) incorporating all available information into the prices of financial assets. D) providing to investors for a nominal charge all government reports available about a particular company.
Which of the following is true? a. The nominal wage will be constant only if the inflation rate is constant
b. The real wage will be greater than the nominal wage only if the inflation rate is constant. c. The nominal wage and the real wage will change by the same amount if the price level is constant. d. The real wage will be equal to one only if the price level is zero. e. The real wage will be constant only if the nominal wage is constant.
Suppose the annual rate of inflation has been 3 percent during each of the last three years and that borrowers and lenders have come to expect this rate of inflation. If the inflation rate unexpectedly rises,
a. borrowers gain at the expense of lenders. b. lenders will gain at the expense of borrowers. c. the real interest rate will exceed the nominal interest rate. d. there is no reason to expect that the inflation will help borrowers relative to lenders.