The conduct of monetary policy in the United States is the main responsibility of the:
a. Bureau of the Public Debt
b. Federal Reserve
c. U.S. Treasury
d. Bureau of Economic Analysis
b. Federal Reserve
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Which is not true for a monopolistically competitive industry?
A. Firms tend to operate with excess capacity. B. Firms operate at the lowest point of their ATC curves in the long run. C. Each firm faces a downward-sloping demand curve. D. These firms earn zero economic profits in the long run.
If a restaurant was a natural monopoly, dividing the restaurant equally into two separate restaurants would
A) increase total revenue. B) make marginal revenue less elastic. C) decrease marginal cost. D) raise average total cost.
Collective consumption goods can lose their collective consumption characteristics as they get more crowded
a. True b. False
Refer to the information provided in Figure 26.2 below to answer the question(s) that follow.
Figure 26.2Refer to Figure 26.2. Between the output levels of $300 billion and $600 billion, the relationship between the price level and output is
A. positive. B. negative. C. constant. D. There is no relationship between the price level and output.