Which of the following would be most likely to have monopoly power?
a. a national florist
b. an online bookstore
c. a local restaurant
d. a local electrical cooperative
d
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Economics is similar to other social science disciplines in that it examines individual and social behavior
Indicate whether the statement is true or false
Monetarists believe that the aggregate supply curve is relatively steep in the short and long runs. This means they expect
a. inflation with no change in output. b. increases in output to bring much inflation. c. increases in output to bring little inflation. d. decreases in output to bring much inflation.
When we say that money is fungible, we mean that a dollar spent out of your savings account:
A. is earmarked for a purpose and can't be spent on everyday expenses like groceries. B. is exactly the same as a dollar spent from your checking account. C. is not substitutable with any other dollar you have. D. is worth more than the dollar you have in your pocket.
According to Samuel Gompers, the founder of the AFL,
A. unions should attempt to organize all workers. B. labor should form a political party and run candidates for public office. C. labor should seek government intervention in the labor-management relationship. D. labor should concentrate on bread-and-butter issues.