During hyperinflations, people desire to hold less money and will go to the bank more frequently. This waste of resources due to the high rate of inflation is known as _____
Fill in the blank(s) with correct word
shoeleather costs
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A natural monopoly regulated with an average cost pricing rule is ________
A) efficient and incurs an economic loss B) inefficient and makes zero economic profit C) inefficient and makes an economic profit D) efficient and makes zero economic profit
If firms in a monopolistically competitive industry experience short-run losses
A) some firms would like to exit the industry but find they cannot. B) firms increase prices further, until they make at least a normal return. C) firms increase advertising spending to increase demand, until they make at least a normal return. D) some firms exit the industry, causing the demand curves for the remaining firms to shift to the right until they earn a normal profit.
Most economists _________ tariffs and _________ quotas.
A. favor; favor B. oppose; oppose C. favor; oppose D. oppose; favor
The demand for a product is likely to be more elastic:
A. the smaller the share of the total budget spent on the product. B. when more complementary products are available. C. in the short run than in the long run. D. when more good substitutes for the product are available.