Refer to the scenario above. The market for Good A in Eduland is an example of a ________
A) monopoly
B) duopoly
C) monopolistic competition
D) perfect competition
B
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The term human capital refers to
A) labor resources used to make capital equipment. B) buildings and machinery. C) people's knowledge and skill. D) entrepreneurship and risk-taking.
When Frankie spends all his money in such a way that the marginal utility per dollar is the same for all final purchases of products he consumes, Frankie has maximized
A) his marginal utility. B) his total utility. C) the number of products he consumes. D) his total expenditure on all products.
If the reserve ratio is designated by "r," the amount of deposits a bank can hold as excess reserves is equal to 1 / (1 - r).
Answer the following statement true (T) or false (F)
Which statement is true about the demand curve in the graph above?
A. Demand is perfectly elastic.
B. Demand is perfectly inelastic.
C. Demand is less elastic at point X than at point Y.
D. Demand is less elastic at point Y than at point X.