A monopolist is defined as
A) a firm with annual sales over $10 million.
B) a large firm, making substantial profits, that is able to make other firms do what it wants.
C) a single supplier of a good or service for which there is no close substitute.
D) a producer of a good or service that is expensive to produce, requiring large amounts of capital equipment.
C
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If a country sets a pegged exchange rate that is above the equilibrium exchange rate, how can the country maintain the peg?
A) by purchasing surplus domestic currency at the pegged rate B) by purchasing surplus domestic currency at the equilibrium exchange rate C) by selling surplus domestic currency at the pegged rate D) by increasing the pegged exchange rate
Which of the following statements is false?
A) Capital consists of produced goods that can be used as inputs for further production. B) The terms resources, inputs, and factors of production are synonyms. C) Labor consists of the physical, but not mental, talents of people who contribute to the production process. D) Entrepreneurship is one of the four categories of resources. E) The resource category land includes natural resources, such as minerals, forests, water, and unimproved land.
When the price of sugar was "low," U.S. consumers spent a total of $3 billion annually on sugar consumption. When the price doubled, consumer expenditures increased to $5 billion annually. This data indicates that:
A. the quantity demanded of sugar increased. B. the demand curve for sugar is upward sloping and the quantity demanded of sugar increased. C. the demand for sugar is inelastic. D. the demand curve for sugar is upward sloping.
When governments grant patents:
A. producers earn profits that are substantially higher than would occur in a competitive market. B. consumers pay a higher price than they would in a competitive market. C. consumers are likely to pay lower prices than they would in a competitive market. D. both producers earn profits that are substantially higher than would occur in a competitive market and consumers pay a higher price than they would in a competitive market are correct.