Which of the following will be the best example of a monopoly firm?
a. The US Bank
b. The Bank of America
c. National City Bank
d. The Federal Reserve
e. Washington Mutual Funds Bank
d
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If a model's predictions are correct, then
A) its assumptions must have been correct. B) it is proven to be correct. C) Both A and B above. D) None of the above.
Which of the following decreases in labor demand is due to a change in the price of a related resource?
A. A decline in the demand for computers in Europe reduces the demand for workers in the domestic computer industry. B. The rise of hair salons for both men and women reduces the demand for barbers. C. A decrease in the educational skills of manufacturing workers decreases the demand for such workers. D. An increase in the price of chemical equipment increases the cost of producing fertilizer, thus decreasing the demand for workers who make fertilizer.
If a consumer is choosing the optimal combinations of two goods X and Y, and then the price of good Y decreases, this causes:
A. MU/P of good X to increase, so the consumer now must buy more X to find a new optimal combination. B. demand for good X to increase. C. MU/P of good Y to increase, so the consumer now must buy more Y to find a new optimal combination. D. MU/P of good Y to decrease, so the consumer now must buy more Y to find a new optimal combination.
A move from G to H represents
A. an increase in quantity supplied.
B. a decrease in quantity supplied.
C. an increase in supply.
D. a decrease in supply.