If four firms comprise the entire golf club industry, the market would be
a. competitive.
b. characterized by interdependence of firms.
c. a duopoly.
d. a monopoly.
b
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Explain using price elasticity of demand why air conditioning manufacturers would actually have sales in the middle of the summer when customers have the most acute need? Explain this apparent paradox
What will be an ideal response?
In an open economy with global capital markets and mobile capital:
A) a country has control over both its domestic money supply and exchange rate. B) a country has control of either its domestic money supply or exchange, but not both. C) a country only has control over its domestic money supply. D) a country only has control over its exchange rate.
The equation of exchange is
A) an assumption that is not always true. B) true in the short run but not always in the long run. C) an accounting identity and therefore is always true. D) a theory developed at the Federal Reserve.
Refer to the above figure. Point C is known as
A) a peak. B) a trough. C) an expansion. D) a contraction.