In the spot market, the ________ is the difference between the bid and offer rates and is the trader's profit margin.
A) bid
B) offer
C) cross rate
D) spread
D) spread
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Firms in monopolistic competition would
A) persistently realize economic profits in both the short and long run. B) may realize economic profits in the long run and normal profits in the short run. C) tend to incur persistent losses in both the short and long run. D) tend to realize economic profits in the short run and normal profits in the long run.
In which of the following relationships does the intercept have a real-world interpretation?
A) the relationship between the change in the unemployment rate and the growth rate of real GDP ("Okun's Law") B) the demand for coffee and its price C) test scores and class-size D) weight and height of individuals
Currently, union membership in the United States is about:
a. 10 percent. b. 15 percent. c. 20 percent. d. 25 percent.
With perfect price discrimination the monopoly
a. eliminates all price discrimination by charging each customer the same price. b. charges each customer an amount equal to the monopolist's marginal cost of production. c. eliminates deadweight loss. d. eliminates profits and increases consumer surplus.