Holding money as a store of value instead of other assets is
A) the capital demand for money. B) the asset demand for money.
C) the precautionary demand for money. D) the transactions demand for money.
B
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________ is a market structure where only one firm provides a good or service that has no close substitutes
A) Oligopoly B) Monopoly C) Perfect competition D) Monopolistic competition
Which of the following statements concerning a monopolist is FALSE?
A) A monopolist will produce at which MR = MC. B) For a monopolist, marginal revenue is less than price. C) A monopolist will charge the highest price at which any individual will purchase the product. D) A monopolist will shut down if price is less than average variable cost.
The income effect of a price change is:
A. always consistent with the Law of Demand. B. never consistent with the Law of Demand. C. consistent with the Law of Demand only for normal goods. D. consistent with the Law of Demand only for inferior goods.
Suppose that a new drug has been approved to treat a life-threatening disease. The demand for that drug is shown on the accompanying graph. Prior to approval of this drug, the only treatment for this condition was any one of several non-prescription, or over-the-counter, pain relievers. The demand for one brand of the several non-prescription pain relievers is also shown on the graph.
The manufacturer of the over-the-counter pain reliever would ________ total revenue by increasing the price from $15 to $16.
A. experience no change in B. decrease C. increase D. experience an uncertain change in