Firms are considered to be price searchers, as opposed to price takers, in all of the following market types except:
A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.
A
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Equilibrium in the market for bank reserves determines the
A) price level. B) exchange rate. C) federal funds rate. D) 30-year Treasury bond rate. E) inflation rate.
The single most important factor in the 1992 crisis of the EMS was
A) ratification of the Single European Act. B) the near failure of the Maastricht Treaty. C) the fall in unemployment rates throughout the EEC. D) German reunification efforts. E) the outbreak of war in the former Yugoslavia.
Under the Exchange Rate Mechanism of the European Monetary System, when the German mark depreciated below its lower limit against the British pound, the Bank of England was required to buy ________ and sell ________,
thereby ________ international reserves. A) pounds; marks; losing B) pounds; marks; gaining C) marks; pounds; gaining D) marks; pounds; losing
A monopolist is producing at an output level at which ATC = $5, P = $6, MC = $4, and MR = $3. We can conclude that
A) economic profit could be increased by producing more. B) economic profit could be increased by producing less. C) economic profit cannot be increased. D) the firm is earning $10 in economic profits.