A pure monopoly is defined as having only one seller.
Answer the following statement true (T) or false (F)
True
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Whenever the elasticity value for a demand curve is greater than zero, then the demand is labeled as “elastic.”
Answer the following statement true (T) or false (F)
Which of the following represents a preventative measure against bank runs?
A) The President of the United States can order banks to pay depositors. B) The Federal Reserve can lower reserve requirements to ensure that banks have sufficient funds. C) The FDIC provides deposit insurance. D) None of the above is correct.
Which of the following statements is false?
A) The shift factors for the supply curve are: income, preferences, prices of related goods, the number of buyers, and expectations of future price. B) A change in (own) price changes the quantity supplied of a good. C) A change in demand is graphically represented by a shift in the demand curve. D) A change in quantity demanded is represented by a movement along a given demand curve.
Which of the following statements best reflects Keynes' view of the aggregate supply curve?
A. It tends to be vertical, because the economy naturally tends toward equilibrium positions of full employment. B. It tends to be upward sloping (but not vertical), because as we try to produce more output out of our given resources, some labor has to work overtime at higher pay, driving up costs and prices. C. It tends to be horizontal during periods when substantial amounts of resources are unemployed. D. It tends to slope downward and to the right reflecting people's natural tendency to postpone purchases when they lose their jobs.