If the demand for digital cameras increases when consumers' incomes rise, then digital cameras are
A) a substitute for camcorders.
B) a complement to camcorders.
C) an inferior good.
D) a normal good.
E) made using advanced technology.
D
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________ the quantity of money in the United States
A) The President of the United States regulates B) Commercial banks regulate C) The Federal Reserve System regulates D) The Department of Treasury regulates E) The State Department regulates
Price in a perfectly competitive market:
A) is affected by government policies. B) is determined by the dominant competitor. C) is affected by the combined decision of all sellers. D) is determined by buyers alone.
Which of the following is the best example of a natural monopoly?
a. gold mining in the Colorado Rocky Mountains b. filmmaking in Hollywood c. electrical service to homes in Seattle d. production of film by Kodak e. production of computers by IBM
Refer to Figure 7.6. Which graph represents constant returns to scale?
A. A
B. B
C. C
D. Both graph A and graph C