To maximize its profit, a monopoly should choose a price where demand is:
a. elastic.
b. inelastic.
c. vertical.
d. unitary elastic.
a
Economics
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An economy is at full employment. Which of the following events can create a recessionary gap?
A) an increase in foreign income B) an increase in taxes C) a decrease in the quantity of capital D) a decrease in money wages
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Explain Okun's Law
What will be an ideal response?
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Is knowledge capital subject to the law of diminishing returns? Explain
What will be an ideal response?
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A nonexcludable good _____
a. is by definition also a collective consumption good b. usually suffers from the free rider problem c. will always lead to overproduction d. is frequently illegal
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