Refer to the graph below. If demand decreases, then total revenues will:
A. Decrease
B. Increase
C. Stay the same
D. Cause supply to decrease too
A. Decrease
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Under the Bretton Woods system, central bankers could obtain foreign currency loans from the
A) Bank of England. B) U.S. Treasury Department. C) International Monetary Fund. D) World Trade Organization.
The nominal interest rate is determined in the market for loanable funds
a. True b. False Indicate whether the statement is true or false
What is the difference between a shortage and scarcity?
A) Scarcity will always exist because choices must be made, but a shortage will only exist if the price is kept below the equilibrium level. B) Scarcity is a result of two or more alternative uses and will always exist, and quantities of supply and demand adjusting to flexible prices will create shortages. C) A surplus will exist when a good is scarce; a shortage merely implies that there isn't as much of something as people would like, which is nearly always the case. D) There is no distinction between the two. They are the same thing.
“Purely competitive firms sell their product at the same price. This is also true in some monopolistic markets with standardized products. Therefore, these oligopolies are actually highly competitive.” Evaluate critically
What will be an ideal response?