Money has to be a precious metal, since precious metals have all of the important characteristics of money
Indicate whether the statement is true or false
F
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Which of the following is cited as a problem with the kinked demand curve model?
A) It assumes that firms do not attempt to maximize profits. B) It assumes that firms determine the profit-maximizing level of output by equating marginal cost and average variable cost. C) It does not explain how the equilibrium market price is determined. D) It does not explain the price stickiness that is routinely observed in oligopolistic markets.
Compared to free trade, a ban on imports of a good
A) increases the domestic price of the good. B) decreases consumer surplus. C) results in a deadweight loss. D) All of the above.
What is a production set?
Refer to the information provided in Figure 15.4 below to answer the question(s) that follow. 
Figure 15.4 Refer to Figure 15.4. Assume The Hand Made Shirt Shop has fixed costs of $150 and is a monopolistically competitive firm. If the firm produces 50 personalized sweatshirts in the short run, it will
A. not cover any of its costs. B. minimize losses. C. minimize profits. D. break even.