Patents create monopolies by restricting
A) demand.
B) prices.
C) entry.
D) profit.
C
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Assume that Honduras has a comparative advantage in producing bananas and exports bananas to Brazil. We can conclude that
A) Honduras has a lower opportunity cost of producing bananas relative to Brazil. B) Brazil has an absolute disadvantage in producing bananas relative to Honduras. C) Labor costs are higher for banana producers in Brazil than in Honduras. D) Honduras also has an absolute advantage in producing bananas relative to Brazil.
The law of demand can be stated as all else equal:
A. quantity demanded rises as price falls. B. quantity demanded rises as price rises. C. quantity demanded rises as income rises. D. demand rises as price falls.
If there is an excess supply of money in the economy,
a. there is also an excess demand for money b. there is also an excess demand for bonds c. there is also an excess supply of bonds d. the interest rate will rise e. the Fed must intervene to restore equilibrium
For a monopsonist, the labor supply curve is upward sloping because
A) the monopsonist must compete with other industries for that labor. B) the monopsonist requires that the laborers are highly skilled. C) the monopsonist is the only buyer in that labor market. D) the monopsonist restricts the supply of labor.