Changes in nominal variables are determined mostly by the quantity of money and the monetary system according to
a. both the classical dichotomy and the quantity theory of money.
b. the classical dichotomy, but not the quantity theory of money.
c. the quantity theory of money, but not the classical dichotomy.
d. neither the classical dichotomy nor the quantity theory of money.
a
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If a monopolist sets a low price to discourage potential competitors from entering the market, it is referred as
A) price skimming. B) predatory pricing. C) penetration pricing. D) limit pricing.
Refer to Table 3.1. Suppose that you have a house that you rent out. If you keep the lawn maintained, you can charge a higher monthly rent for the house. If your hourly wage rises from $25 to $35, what happens to the number of hours per week you spend maintaining the lawn?
A. They fall by 4 hours.
B. They fall by 8 hours.
C. They fall by 12 hours.
D. They don't change.
The formula for AVC is
A) q/TVC. B) TVC/q. C) ?TVC/?q. D) ?q/?TVC.
An efficient market is a market
A. in which profit opportunities are eliminated almost instantaneously. B. in which there are no opportunity costs. C. in which long-term profits are guaranteed. D. that deals in unlimited resources.