If the price of oil rises, producers of oil will
A) increase the quantity of oil supplied.
B) supply less oil.
C) leave the amount of oil supplied unchanged.
D) cut the price.
A
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A monopolistically competitive firm and a monopoly are alike because both I. face downward sloping demand curves. II. have marginal revenue curves that lie beneath their demand curves. III. can make an economic profit in the long run
A) I only. B) I and II. C) I, II, and III. D) I and III.
Refer to Table 9-12. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many belts will Morocco consume?
A) 60 B) 70 C) 90 D) 120
A reverse repurchase agreement will accomplish all of the following to banks and other financial intermediaries EXCEPT:
A. discourage investment elsewhere. B. ensure their solvency. C. give them a higher rate of return on T-Bill holdings. D. drain them of liquid cash.
The optimal method of production maximizes cost for a given level of output.
Answer the following statement true (T) or false (F)