Compared to perfect competition, monopoly in the long run?
a. Restricts outputs
b. Changes a higher price.
c. Produces at greater than the minimum average total cost.
d. Is able to make greater profits.
e. All of the above.
e. All of the above.
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The demand for money that households keep for emergency purposes is known as the
High prices do not occur in laissez-faire markets.
Answer the following statement true (T) or false (F)
As long as prices are rising over time, then
a. the nominal interest rate exceeds the real interest rate. b. the real interest rate exceeds the nominal interest rate. c. the real interest rate is positive. d. the nominal interest rate is a better indicator than the real interest rate of how fast the purchasing power of your bank account is changing over time.
Benefits from international trade are not based on differences in
A. resource availability. B. technological capabilities. C. income levels. D. product quality and other attributes.