In order to exercise control over the price of its product, a firm must be able to ________ competition.

A. not change
B. maximize
C. increase
D. limit


Answer: D

Economics

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Mercantilists wanted a favorable balance of trade, by which they meant

a. exports = imports. b. exports > imports. c. exports < imports. d. To import nothing from the colonies.

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With a monopolist's outcome, consumer surplus is:

A. higher than that of a competitive market. B. lower than that of a competitive market. C. the same as that of a competitive market. D. Any of these is possible.

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Consider an economy with only two goods: bread and wine. In 1982, the typical family bought 4 loaves of bread at 50¢ per loaf and 2 bottles of wine for $9 per bottle. In Year X, bread cost 75¢ per loaf and wine cost $10 per bottle. The CPI for Year X (using a 1982 base year) is:

A. 100. B. 115. C. 126. D. 130.

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When the economy is experiencing inflation, an economist who follows the functional finance theorem is most likely to suggest that the government should:

A. run a balanced budget. B. run a deficit. C. do nothing. D. run a surplus.

Economics