Which exchange rate system requires an immediate response by a government to counter market forces on exchange rates, but it need not completely negate all of those forces?
A. The fixed exchange rate system
B. The free market exchange rate system
C. The floating exchange rate system
D. The managed float exchange rate system
Answer: D
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Because economic profits are eliminated in the long run in monopolistic competition, to earn an economic profit firms continuously
A) shut down. B) exit the industry. C) innovate and develop new products. D) declare bankruptcy. E) decrease their costs by decreasing their selling costs.
For which of the following environmental issues is property rights most relevant?
a. Greenhouse gas emissions b. Acid rain c. Endangered species d. Fresh water resources
A single-price monopolist with a positive marginal cost will maximize profit by producing where
A. demand is price inelastic. B. demand is price elastic. C. demand is unit elastic. D. Any of these may apply.
Senior citizens can buy movie tickets at a lower price than other people. This is an example of
A. price discrimination. B. age discrimination. C. market failure. D. demand discrimination.